According to a research report published this morning, Bank of America has upgraded Century Aluminum CENX from Underperform to Neutral, and has increased PO from $9 to $10.
In the report, Bank of America commented, "We raised EPS for 2012E to $0.45 from $0.01 and 2013 to $1.00 from $0.70 to reflect the lower costs, although mgmt noted future contracted power costs make the smelters uneconomical at current aluminum prices. We assume $1.05 and $1.10/lb aluminum in ‘12/13. Our upgrade reflects a better earnings outlook and a 20% pullback in shares since Dec 12th (vs. AA flat and NOR +13%). CENX's adj. Q112 EPS was a $0.17 loss, ex a $0.05 unrealized loss on forward contracts and an $0.18 lower-of-cost-ormarket adjustment, vs. BofAML at a $0.25 loss and consensus of a $0.22 loss."
Century Aluminum closed yesterday at $8.11.
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