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Fly News Breaks for August 13, 2018
KALU
Aug 13, 2018 | 18:44 EDT
Goldman Sachs analyst Matthew Korn downgraded Kaiser Aluminum to Sell from Neutral and lowered his price target to $101 from $105. The analyst says that a mismatch has opened up between the valuation of the stock - 8.9-times forward earnings vs. 7.2-times 5-year average - and the relative strength of its outlook, though he notes that his profitability expansion includes some conservatism. Korn adds that while the headwinds of higher aluminum costs are fading, destocking and commoditization are still weighing on Kaiser Aluminum's markets.
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