UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Century Aluminum on Raised EPS
In a report published Friday, Bank of America reiterated its Neutral rating on Century Aluminum (NASDAQ: CENX), and slightly raised its price target from $8.50 to $9.00.
Bank of America noted, “We raised 2013E EPS to $0.15 from $0.10, 2014E EPS to a loss of $0.35 from a loss of $0.45, and 2015E to $0.75 from $0.64 based on assumed higher primary aluminum shipments. CENX reported Q412 EPS of an $0.08 loss vs. BofAML at a $0.10 loss and consensus of a $0.14 loss. Direct aluminum volumes fell 2% q/q while price realizations rose 5% q/q. Tolling volumes rose 1% q/q while revenue increases 6% q/q. One month lagged aluminum prices were up 7% q/q."
Century Aluminum closed on Thursday at $8.83.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.