22 JANUARY 2014www.streetinsider.com
JPMorgan upgrades Century Aluminum to "Overweight"
Edited by : AL CIRCLE
1 min read
JPMorgan upgraded Century Aluminum from Underweight to Overweight with a price target of $13.00 (from $6.00).
"We are increasing estimates, raising our price target to $13, and upgrading CENX to Overweight from Underweight to reflect the impact of tightening aluminum markets and rising Midwest premiums on the company’s earnings. Given the pace and amount at which premiums increased recently it is clearly difficult to forecast how long they will remain near current levels which we believe provide a significant amount of earnings support to the company’s primary aluminum smelting operations," said analyst Michael F. Gambardella.
Shares of Century Aluminum closed at $11.12 yesterday, with a 52 week range of $6.26-$11.42.
"We are increasing estimates, raising our price target to $13, and upgrading CENX to Overweight from Underweight to reflect the impact of tightening aluminum markets and rising Midwest premiums on the company’s earnings. Given the pace and amount at which premiums increased recently it is clearly difficult to forecast how long they will remain near current levels which we believe provide a significant amount of earnings support to the company’s primary aluminum smelting operations," said analyst Michael F. Gambardella.
Shares of Century Aluminum closed at $11.12 yesterday, with a 52 week range of $6.26-$11.42.
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