Knife River initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Knife River (KNF) with an Equal Weight rating and $261 price target The firm rolled out coverage of the U.S. building materials sector, favoring the early-cycle beneficiaries of interest rate cuts. Wells prefers exposure to cement, wallboard and home improvement. The firm’s top picks are Amrize (AMRZ), Eagle Materials (EXP) and CRH (CRH). The firm has a cautious view on construction through 2026, expecting a recovery in late 2026 into 2027. Home improvement could recover earlier, contends Wells.