Knife River price target lowered to $100 from $120 at Oppenheimer

Oppenheimer lowered the firm’s price target on Knife River (KNF) to $100 from $120 and keeps an Outperform rating on the shares. The firm believes Q3 is unlikely to show upside, owing to continued funding issues in Oregon and wet weather in the Midwest/Northwest. The Oregon Senate recently passed a $4.3B transportation bill, which was roughly one-third of the size of the $11.7B broader transportation package that failed to make it to a vote earlier this year. In other regions, demand remains solid, and Knife River’s backlog is currently $1.3B, Oppenheimer adds.