Knife River price target lowered to $100 from $105 at Loop Capital

Loop Capital lowered the firm’s price target on Knife River (KNF) to $100 from $105 and keeps a Buy rating on the shares. The company’s Q3 results missed estimates and the management brought down guidance in part on lower volumes and in part on higher SG&A expenses as it ramps up its M&A plans, the analyst tells investors in a research note. Loop remains positive longer term however as it believes that the volume outlook is stronger into 2025 as infrastructure demand is bound to accelerate.