JPMorgan analyst Michael Gambardella downgraded Century Aluminum to Neutral from Overweight and lowered his price target for the shares to $21 from $29. The downgrade reflects the analyst's estimates for higher alumina costs and modestly lower Midwest premium. While Section 232 will likely result in a higher Midwest premium over the near to medium term, potential alumina shortages from the Alunorte refinery outage and the uncertainty surrounding U.S. sanctions on Russia could cause alumina prices to remain elevated for a period of time, Gambardella tells investors in a research note.