Morgan Stanley analyst Connor Lynagh said he sees the post-earnings pullback in U.S. Silica as overdone. While he acknowledges concerns around increasing capital intensity and pricing pressure for Sandbox, flattish realized pricing on raw sand in Q1 and some delays in fully ramping expansion projects, he thinks the biggest change is a positive one, as U.S. Silica seems to have protected its downside as the company noted it is 70-80% contracted for 2019. Lynagh, who raised his longer-term estimates due to better visibility on the fixed pricing in the company's contract mix, lowered his price target on the stock to $47 from $52 but keeps an Overweight rating on the shares.