UPDATE: Deutsche Bank Initiates Coverage on Century Aluminum

In a note released earlier Wednesday morning, Deutsche Bank initiated coverage on Century Aluminum

with a Buy rating and a $30 price target. The firm noted, "A sharp earnings recovery is predicated on a powerful tonic of higher pricing, volume growth, product mix shift and declining unit costs." Looking ahead, the team at Deutsche Bank is predicting Century's EBITDA could "surge" to $349 million in 2015, up from $30 million in 2013. Coinciding with this, the team is also estimating an EPS of $2.45 in 2015, up from a loss of $0.66 in 2013. As additional catalysts to the share price, the firm pointed to projects in Ravenswood and Helguvik, which it suspects could represent another $2 and $5 per share, respectively. The firm also noted that the company has increasing free cash flows, which, given management's propensity for upstream integration, could be used for accretive acquisitions.