Northland Downgrades Select Water Solutions, Inc. (WTTR) from Outperform to Market Perform with a Price Target of $12

Northland downgraded Select Water Solutions (WTTR) to "Market Perform" from "Outperform" with a price target of $12. The firm believes WTTR's valuation is reasonable, but would like to see larger growth in adjusted EBITDA in FY 2026, more bolt-on projects, or improved activity in the American onshore market. The company posted mixed Q3 results, with adjusted EPS of $0.04 below estimates, but revenue of $322.2 million exceeding expectations by $16 million. The Chemical Technologies segment performed well, with revenue and gross profit growing YoY.