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Piper Sandler upgraded Liberty Energy Inc (NYSE:LBRT) from Neutral to Overweight and raised its price target from $17.00 to $32.00, with the stock currently trading at $24.65. This upgrade follows Liberty Energy's recent advancements, securing agreements with data center developers for up to 1.3 gigawatts (GW) of capacity.

Consequently, Liberty Energy has increased its capacity target to 3GW by 2029, up from its previous goal of 1GW by 2027. Piper Sandler identified potential catalysts for Liberty, including more details on current agreements and possible upward revisions of benefits for 2026 related to its OFS business.

Liberty Energy now joins SEI and PUMP as preferred names in Energy Services. Additionally, Liberty reported a significant earnings surprise for Q4 2025, achieving earnings per share of $0.05, surpassing analyst expectations of -$0.1994, representing a positive surprise of 125.08%. The company also exceeded revenue expectations with $1.040 billion reported compared to $880.54 million anticipated.