Northland Capital Markets Upgrades Constellium (CSTM) to Outperform
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Northland Capital Markets analyst Gus Richard upgraded Constellium (NYSE: CSTM) from Market Perform to Outperform with a price target of $21.00.
The analyst comments "We had expected CSTM's CY21 estimates to come down due to an auto chip shortage. Post earnings, estimates moved up even with multiple Q1 headwinds. No rolled aluminum capacity has been added in the last 29 years and beverage can sheet capacity is tight and prices are starting to increase. Weak aerospace recovery is modeled into estimates. Righting a wrong and upgrading to OP and increasing PT to $21 based on 5x CY22 EBITDA."
Shares of Constellium closed at $15.82 yesterday.
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