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UPDATE: Deutsche Bank Initiates Coverage On Century Aluminum Co

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Century Aluminum +5% as B. Riley starts at Buy; Alcoa only rates Neutral (Seeking Alpha)

In a note released Wednesday morning, Deutsche Bank initiated coverage on Century Aluminum Co (NASDAQ: CENX) 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.

Latest Ratings for CENX

DateFirmActionFromTo
Jun 2018B. Riley FBRInitiates Coverage OnBuy
May 2018JP MorganDowngradesOverweightNeutral
Apr 2018Deutsche BankMaintainsHoldHold

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Posted-In: Deutsche BankAnalyst Color News Price Target Initiation Analyst Ratings

 

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