Procore stock price target raised to $90 from Goldman Sachs on stabilizing growth
Investing.com - Wells Fargo upgraded Knife River Corp. (NYSE:KNF) from Equal Weight to Overweight with a price target of $75.00 following recent stock underperformance relative to peers. The construction materials company’s shares have plunged nearly 40% year-to-date and 36.5% over the past six months, currently trading at $61.11, just above its 52-week low of $58.72.
The upgrade comes despite ongoing concerns about stagnant road spending in Oregon, which Wells Fargo believes are overstated based on recent legislative developments. According to InvestingPro data, the stock’s RSI indicates it’s in oversold territory, suggesting the negative sentiment may be excessive.
In late September, the Oregon state legislature passed a bill to restore transportation funding, which is still awaiting signature from Governor Kotek after more than a month.
Wells Fargo views the governor’s delay as political rather than substantive, and does not expect it to meaningfully impact the anticipated mid-2026 recovery timeline for state spending.
The firm cited Knife River ’s "significant underperformance to peers in recent weeks" as a key factor in the rating change, suggesting the stock’s current valuation does not reflect its recovery potential.
In other recent news, Knife River Corporation reported its second-quarter 2025 earnings, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.89, outperforming the forecasted $0.73, and reported revenue of $833.8 million, exceeding the anticipated $799 million. Despite these strong earnings, Wells Fargo raised its price target for Knife River to $97, citing a growing backlog, even though the company had previously reported softer-than-expected results and reduced guidance for the current period. Meanwhile, DA Davidson lowered its price target for Knife River to $95, maintaining a Buy rating but noting weather-related challenges affecting the company’s Strata division. Oppenheimer also adjusted its price target down to $100 due to ongoing funding issues in Oregon and adverse weather conditions in the Midwest and Northwest, though it kept an Outperform rating. These developments reflect a mixed outlook from analysts regarding Knife River’s performance and future prospects.
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