BUZZ-Citigroup downgrades Liberty Energy to 'neutral', lowers PT

Reuters10-22

** Citigroup downgrades U.S.-based oilfield services firm Liberty Energy to 'neutral' from 'buy', cuts price target to $19 from $25

** LBRT shares fall 1.4% to $17.46, amid a broader fall in shares of oilfield services cos

** New price target represents a 7% upside to the stock's last close

** Brokerage says with weaker Q4 cash flow and higher capital expenditure, and seasonal working capital headwinds in 1Q25, buyback capacity appears limited near term

** Adds that LBRT outperformed peers, but the downcycle appears to be intensifying as the co is idling two fleets, while pricing concessions are compressing margins

** "We see seasonal improvement in the first half of 2025 and believe that oil co's will continue to push for pricing concessions given oil price risk" - Citigroup

** 6 of 14 brokerages rate the stock "buy" or higher, 8 "hold"; their median PT is $21 - LSEG data

** Including session's move, stock is down 3.8% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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