UPDATE: Bank of America Upgrades Noranda Aluminum

According to a research report published earlier today, Bank of America has upgraded Noranda Aluminum Holding NOR from Neutral to Buy. In the report, Bank of America said, “[We] think the negative catalyst of private equity owner Apollo's share sale has passed. NOR announced a $1.25/shr special dividend on Feb. 29 for shareholders of record on March 12. On March 13 Apollo announced plans to sell 10M shares with a greenshoe option of 1.5M, or ~25% of its stake. After the sale Apollo's stake fell to 48.9%, below the 50% threshold for a “controlled company” under NYSE rules. We viewed the move as positive as it reduced an overhang on shares. We had downgraded NOR in anticipation of an Apollo sale.” Bank of America maintains its $12 PT on Noranda Alluminum, which closed Friday at $9.97.