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UPDATE: Sterne Agee Initiates Kaiser Aluminum at Neutral; Headwinds Offset Intrinsic Value For Now

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Sterne Agee initiated Kaiser Aluminum (NASDAQ: KALU) with a Neutral rating.

Sterne Agee commented, "KALU maintains significant intrinsic value given exposure to a 20% aerospace OEM production rate increase, increasing content on automotive designs and $780 million of NOLs. These NOLs provide above-average FCF which the company reinvests in M&A, capacity expansions and buy-backs. Given industrial headwinds in 1H13 we look to get constructive as demand improves or M&A/capacity expansion enables NOLs, and thus, changes the outlook."

Kaiser Aluminum closed at $61.79 on Tuesday.

Latest Ratings for KALU

DateFirmActionFromTo
May 2015Morgan StanleyInitiates Coverage onOverweight
Apr 2015JP MorganMaintainsNeutral
Feb 2015KeyBancUpgradesHoldBuy

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Posted-In: Sterne AgeeAnalyst Color Initiation Analyst Ratings

 

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