BUZZ-ProPetro gains after JP Morgan upgrades rating to 'overweight'

Reuters12-10

** Shares of oilfield services provider ProPetro PUMP.N up 2.1% at $11.20 premarket, after J.P. Morgan upgrades stock rating to "overweight" from "neutral"

** Brokerage also raises its price target to $13 from $7, citing an 18.5% upside from Tuesday's close

** JPM says the upgrade is due to the significant growth potential of PUMP's PROPWR segment

** "In terms of our valuation, we give credit for 500 megawatt of capacity, which would equate to ~$135 million of annualized EBITDA by 4Q27 based on the company's ~$275,000 of EBITDA per MW" - JPM

** Three out of 9 brokerages rate the stock "buy" or higher and 6 "hold"; their median PT is $12 - data compiled by LSEG

** As of last close, PUMP shares were up 17.5% YTD

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

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