Infinity Natural Resources price target lowered to $19 from $22 at KeyBanc

KeyBanc lowered the firm’s price target on Infinity Natural Resources (INR) to $19 from $22 and keeps an Overweight rating on the shares. After digesting overall strong earnings and another quarter of measured responses on the company’s earnings call, the firm increases EBITDA estimates through 2027. Despite the stronger earnings outlook, KeyBanc trims its price target to reflect a lower target multiple it believes is more appropriate, given Infinity’s newness, its status as a “tweener” vs. a pure play oil or natural gas name, and its limited trading liquidity.