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Fly News Breaks for March 12, 2018
CENX
Mar 12, 2018 | 07:01 EDT
As reported earlier, BMO Capital analyst David Gagliano upgraded Century Aluminum to Outperform from Market Perform and raised his price target to $28 from $20. The analyst attributes his revisions to his longer-term model of profitability and cash generation derived from the positive impact of the latest U.S. tariffs on steel and aluminum that are expected to produced "both higher volumes and higher Midwest premiums". Gagliano sees over $450M in annual EBITDA as a result of the pricing/volumes reset following the tariffs, but also warns that EBITDA will not rise right away because of the expected up-front Hawesville start-up costs with no volume benefits.
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