Century Aluminum Upgraded to “Overweight” by Morgan Stanley (CENX)
Century Aluminum (NASDAQ:CENX) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $33.00 target price on the stock. Morgan Stanley’s target price suggests a potential upside of 32.11% from the company’s current price.
The analysts wrote, “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).”
A number of other firms have also recently commented on CENX. Analysts at Zacks upgraded shares of Century Aluminum from a “neutral” rating to an “outperform” rating in a research note on Monday, August 4th. They now have a $20.90 price target on the stock. Separately, analysts at CRT Capital raised their price target on shares of Century Aluminum from $18.50 to $23.00 in a research note on Monday, August 4th. They now have a “buy” rating on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Century Aluminum in a research note on Thursday, July 31st. They now have a $24.00 price target on the stock, up previously from $15.00. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $20.10.
Century Aluminum (NASDAQ:CENX) opened at 24.98 on Tuesday. Century Aluminum has a 52 week low of $7.65 and a 52 week high of $24.99. The stock has a 50-day moving average of $20.38 and a 200-day moving average of $15.38. The company’s market cap is $2.218 billion.
Century Aluminum (NASDAQ:CENX) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The company had revenue of $458.30 million for the quarter, compared to the consensus estimate of $438.71 million. During the same quarter in the previous year, the company posted ($0.39) earnings per share. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. Analysts expect that Century Aluminum will post $0.97 EPS for the current fiscal year.
Century Aluminum Company (NASDAQ:CENX) is engaged in producing aluminum.
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