Knife River price target raised to $120 from $110 at Oppenheimer

Oppenheimer analyst Ian Zaffino raised the firm’s price target on Knife River (KNF) to $120 from $110 and keeps an Outperform rating on the shares. Management provided a roadmap to 20%-plus EBITDA margins over the medium-term at the firm’s Industrial Summit, saying it will now rely more on organic, self-help initiatives rather than less uncertain aggregates-heavy M&A, the analyst tells investors in a research note. The demand environment remains solid and Infrastructure Investment and Jobs Act spending remains a tailwind in Knife River’s markets, Oppenheimer says.