UPDATE: Morgan Stanley Upgrades Century Aluminum Co. On Good Upside
In a report published Tuesday, Morgan Stanley analyst Paretosh Misra upgraded the rating on Century Aluminum Co. (NASDAQ: CENX) from Equal-Weight to Overweight, and named a $33.00 price target.
In the report, Morgan Stanley noted, “We are upgrading CENX to Overweight and introducing our PT at $33 (up 106% vs. our previous base case). Our upgrade is based on 69% upward revision to our 2015e EBITDA on stronger pricing & mix. We see $4/share of incremental value from mix improvement, $3 from growth, and $1 from cost cutting opportunities, not currently priced in shares. We estimate 2015e FCF at $3.68/sh, leaving sufficient cash to invest in low-capex growth/mix improvement opportunities and capital return (share buyback or special dividend). Our bull case is at $50 on higher EBITDA (73% above base case).”
Century Aluminum Co. closed on Friday at $24.98.
Latest Ratings for CENX
|Sep 2014||Deutsche Bank||Initiates Coverage on||Buy|
|Sep 2014||Morgan Stanley||Upgrades||Equal-weight||Overweight|
|Jul 2014||JP Morgan||Maintains||Overweight|
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