Liberty Energy Inc (LBRT) PT Lowered to $31 at UBS

UBS analyst Josh Silverstein lowered the price target on Liberty Energy Inc (NYSE: LBRT) to $31.00 (from $35.00) while maintaining a Buy rating.

The analyst commented, "We reduce our 3Q estimates and forecast 3Q26 EBITDA of $143mm vs. Street $156mm. Frac utilization moved lower Q/Q, albeit off of a high watermark in 2Q, while recent pricing wins aren't expected to show up immediately. We see this pricing taking hold in 2027, and forecast Frac EBITDA expanding $70mm Y/Y to $640mm in 2027. Beyond frac, LBRT remains confident in its ability to sign at least 500MW of ESAs by YE26, with 5-6 year paybacks and 15+ year duration. We see significant near-term upside potential as LBRT executes here, with the stock pricing in ~$2-$4/sh for LPI vs. our $14/sh valuation. We reiterate Buy, but lower our PT to $31 on the reduced frac estimates."

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