Oppenheimer analyst Ian Zaffino views the Department of Commerce's preliminary anti-dumping duties against Australia, Brazil and Norway for silicon metal as highly favorable for Ferroglobe. The largest importer of silicon metal, Brazi, was hit with the highest rate of 56.78%-134.92%, the analyst notes. The duties should put "meaningful upward pressure" on silicon metal prices, which currently stand at $1.24 versus $1.46 in January 2015, Zaffino tells investors in a research note. He reminds investors that 10c per pound move in silicon metal represents an incremental $70M in EBITDA for Ferroglobe. The analyst maintains an Outperform rating on the shares with an $18 price target.