Alcoa and Century Aluminum Fall Amid J.P. Morgan Downgrades

Shares of Alcoa Inc AA and Century Aluminum Co CENX fell Monday amid downgrades from J.P. Morgan.

Analyst Michael F. Gambardella made the downgrades due to “deteriorating aluminum fundamentals.”

Alcoa was downgraded from Overweight to Neutral and its price target was cut from $20.00 to $18.50 over concerns that the U.S. may soon see premiums decline as they have in Europe.

Alcoa Inc recently traded at $15.58, down 5.97 percent

Century Aluminum was also impacted by the same challenges as Alcoa. The stock was downgraded from Neutral to Underweight and the price target was cut from $20.00 to $17.50.

Century Aluminum Co. recently traded at $23.22, down 8.11 percent.

Constellium NV CSTM also fell amid the news and recently traded at $18.65, down 3.07 percent.

Shares of Kaiser Aluminum Corp. KALU traded higher Monday morning but fell by mid-day and recently traded at $72.13, down 0.37 percent.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: NewsDowngradesPrice TargetAnalyst RatingsJ.P. MorganMichael F. Gambardella
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!