Insteel downgraded to Perform from Outperform at Kansas City Capital

Kansas City Capital downgraded Insteel to Perform from Outperform with an unchanged price target of $36. The firm forecasts improving residential construction spending, increased infrastructure spending and that “the spigot of a growing pipeline of designed commercial nonresidential construction turns into actual projects based on interest rates dropping,” but also believes that the market has “been receptive of that narrative” and priced shares accordingly.