Wells Fargo lowered the firm's price target on Knife River to $80 from $81 and keeps an Underweight rating on the shares. The firm adjusted targets in the building materials group as part of a Q1 preview. The "seasonally weaker" quarter tracked to expectations, but Q2 estimates face risk from surging diesel costs, the analyst tells investors in a research note. Wells expects the costs to be passed through on a 1-2 quarter lag.
