Kaiser Aluminum upgraded to Peer Perform from Underperform at Wolfe Research

Wolfe Research analyst Timna Tanners upgraded Kaiser Aluminum (KALU) to Peer Perform from Underperform and removed the firm’s prior $61 price target Shares have pulled back 50% from their year-ago peaks and while the firm sees continued risk from elevated leverage, new mill ramp up, and uncertain end market demand, it likes the company’s second half ramp up of value-add new capacity, the analyst tells investors.