Cactus cut at Barclays as premium story looks fully priced in

seekingalpha11-05

shotbydave/E+ via Getty Images Cactus (NYSE:WHD) +1.7% in Monday's trading despite receiving a downgrade to Equal Weight from Overweight with a $61 price target at Barclays, as crude oil futures rise ...

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Cactus (WHD) has proven it has a differentiated business that will outpace the market under any conditions, a trend Barclays analyst J. David Anderson expects to continue with new technology, expanded manufacturing and a growing customer base, but the stock's premium story now appears fully priced in, the analyst says. Cactus (WHD) shares are up 32% YTD and trades near Barclays' $61 PT, so \"we can't justify raising our target multiple beyond 11x [estimated] 2025 EBITDA,\" Anderson says. CEO Scott Bender cited subdued market conditions and less visibility into product equipment deliveries in guiding down the Pressure Control unit to a \"mid single-digit dip\" in Q4, while Spoolable will be down mid-to-high single digits, although Cactus (WHD) continues to post the highest margins in the sector, the analyst says. Anderson expects Cactus (WHD) to outperform peers based on further market share gains, customer penetration in Spoolables and international expansion with new manufacturing facilities, but trims his 2024 and 2025 EBITDA estimates to $393M from $401M and $419M from $421M, respectively.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481531927"}