Davenport Upgrades Century Aluminum (CENX) to Strong Buy
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Davenport upgrades Century Aluminum (Nasdaq: CENX) from Neutral to Strong Buy. The firm has an $83 price target on the stock.
The firm said the upgrade comes on the back of an increase in its price forecast for aluminum from $2,565/mt ($1.16/lb) to $29,00/mt ($1.32/lb). Davenport believes that its new forecast could "still prove to be too low."
Looking at Century Aluminum specifically, Davenport sees the company's smelters in the U.S. and Iceland "becoming more attractive relative to the rest of the industry..."
Century Aluminum Company, through its subsidiaries, produces primary aluminum in the United States and internationally.
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