Knife River price target raised to $115 from $98.50 at BofA

BofA raised the firm’s price target on Knife River (KNF) to $115 from $98.50 and keeps a Buy rating on the shares after having hosted investor meetings with CEO Brian Gray and CFO Nathan Ring. The firm didn’t hear anything from Knife that would suggest a notable shift in the macro backdrop, with the firm continuing to highlight ongoing demand for public works, the analyst tells investors. While maintaining its estimates, the firm’s valuation framework framework now reflects the shift in peer valuation broadly across the materials space and is broadly in line with the wider sector peer average, the analyst noted.