Wells Fargo Sees Long-Term Upside for Knife River (KNF) Amid Backlog Growth and Acquisition Strategy

Knife River Corporation (NYSE:KNF) ranks among the best mid-cap materials stocks to buy now. Wells Fargo maintained its Overweight rating on Knife River Corporation (NYSE:KNF) and raised its price target from $96 to $97 on August 11. The update came despite Knife River’s lower-than-expected second-quarter performance and lowered outlook for the current period.

According to Wells Fargo, the factors behind Knife River’s performance failure are “transitory,” with the firm citing weather-related problems and Oregon state financing difficulties as particular short-term obstacles.

The firm pointed to Knife River’s increasing backlog as a sign of strength, indicating that it may position the company for “a very strong 2026,” as long as management continues to focus on bolt-on acquisitions and operational enhancements.

Knife River Corporation (NYSE:KNF) offers contractual services and construction supplies based on aggregates. The company provides its services and building supplies across the central, southern, and western United States.

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Disclosure: None. This article is originally published at Insider Monkey.