Century Aluminum upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Katja Jancic upgraded Century Aluminum (CENX) to Outperform from Market Perform with an unchanged price target of $22. Century’s valuation is “compelling” following the recent selloff, the analyst tells investors in a research note. The firm says the market is underappreciating the potential benefit from “currently healthy” Midwest Premium and aluminum price, Century’s Hawesville optionality, and the increasing potential for shareholder returns. BMO points out the company’s profitability profile has improved with the acquisition of 55% of the Jamalco refinery and from the 45X credit.