UPDATE: Bank of America Downgrades Century Aluminum on Resource' Cost Cuts Offsetting Power' Cost Cuts

In a report published on Wednesday, Bank of America analyst Timna Tanners downgraded

from Neutral to Underperform while maintaing a price target of $9 on the company. In the report, Bank of America stated, "We downgrade aluminum producer CENX to Underperform from Neutral as our newly lowered 2013E LME price of $0.87/lb vs $0.93 (Metals Strategist, 19 June 2013) offsets an eventual benefit from its recently negotiated lower power costs...In addition, sentiment toward added aluminum capacity globally has soured." Century Aluminum closed on Tuesday at $10.06.