Knife River price target raised to $97 from $96 at Wells Fargo

Wells Fargo analyst Gabe Hajde raised the firm’s price target on Knife River (KNF) to $97 from $96 and keeps an Overweight rating on the shares. Significant rain and Oregon project delay issues drove meaningfully lower construction activity in Knife River territories during Q2, impacting results, the firm notes. However, the backlog is at a record level and the M&A engine humming along.