UPDATE: Goldman Sachs Upgrades Century Aluminum
In a research note released Monday, Goldman Sachs analyst Sal Tharani upgraded Century Aluminum (NASDAQ: CENX) from Sell to Neutral.
The analyst stated, “We were wrong on CENX as its cost cutting initiatives,” adding that the price of aluminum was better than they had expected and contributed to the jump in the company's stock price.
In addition, the analyst is raising 2014, 2015 and normalized earnings per share estimates to $0.32, $1.00 and $1.50, from ($0.02), $0.45 and $0.75, respectively. This is primarily due to better aluminum all-in pricing, cost cutting measures and Century Aluminum's new power purchase strategy.
Shares of the company are fairly neutral on Monday.
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