UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Constellium NV as More Catalysts are Expected

In a report published Wednesday, Morgan Stanley analyst Paretosh Misra reiterated an Overweight rating on

, and raised the price target from $25.00 to $34.00. In the report, Morgan Stanley noted, “We expect CSTM to re-rate further on a strong end market outlook. Raising PT to $34; the expected catalyst: more automakers using aluminum sheet. We expect CSTM to capture ~22% of a >2.0 mmt global market and earn €2.75 in 2017e (vs. €1.25 in 2013e). Every 0.4kT of demand drives ~€0.25 in EPS.” Constellium NV closed on Tuesday at $28.13.