According to a recent report, JP Morgan Chase & Co. has increased the target price for Kaiser Aluminum from $69.00 to $70.00 for the semi-fabricated aluminium producer’s robust performance in Q3 earnings.
As per the report, Kaiser Aluminium reported earnings per share (EPS) of $0.42 for Q2 2023, much ahead of the market estimation of $0.16. That showcased the company’s ability to outshine its competitors.
Kaiser Aluminium also reported its revenue at $808 million for Q2 2023, close to the consensus estimate of $810.25 million. Although the revenue stood 14.9 per cent down than in the last year, it still demonstrated the company’s resilience amid challenging economic conditions.
Kaiser battled with a negative return on equity at -3.35 per cent and a negative net margin at -0.65 per cent. But analysts remained optimistic about the company’s future prospects given its consistent trend of surpassing expectations and recording impressive performance amid critical economic situation. Kaiser’s positive Q2 result has prompted JP Morgan Chase & Co. to raise the target price.
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