Wells Fargo downgrades Kaiser Aluminum to Equal Weight on valuation

As previously reported, Wells Fargo analyst Timna Tanners downgraded Kaiser Aluminum (KALU) to Equal Weight from Overweight with a price target of $120, up from $108, as valuation looks full and now reflects margin expansion from its roll coat ramp up into 2026. Heading into 2026, the firm is downgraded four names and upgrading one in the construction materials, mining, special metals and steel, to express caution on public infrastructure and commodity price momentum after a strong month.