Deutsche Bank Starts Century Aluminum (CENX) at Buy

Deutsche Bank initiated coverage on Century Aluminum (NASDAQ: CENX) with a Buy rating and a price target of $30. Analyst Jorge Beristain noted improving pricing and lower costs.

"We initiate coverage of Century Aluminum (Century), North America's third largest primary aluminum producer with a Buy. A sharp earnings recovery is predicated on a powerful tonic of higher pricing, volume growth, product mix shift and declining unit costs. We estimate Century’s EBITDA could surge to $349m in 2015, 11x vs 2013 levels, and look for EPS of $2.45 in 2015 compared to a loss of 66c in 2013. Our 12-month Price Target is based on 1.0x our NPV of $30/share, implying 20% upside, and does not include Ravenswood or Helguvik which could add $7/share if both green-lit," said Beristain.

For an analyst ratings summary and ratings history on Century Aluminum click here. For more ratings news on Century Aluminum click here.

Shares of Century Aluminum closed at $26.97 yesterday.

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