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AA

Alcoa

$48.05

0.44 (0.92%)

, CENX

Century Aluminum

$16.79

-0.23 (-1.35%)

08:17
04/09/18
04/09
08:17
04/09/18
08:17

Sanctions on Russia, tariffs on China to benefit Alcoa, says Morgan Stanley

U.S. Midwest aluminum premiums climbed to $0.21/lb on Friday, noted Morgan Stanley analyst Piyush Sood, who attributed the move to possible Section 301 tariffs on China and the announcement of sanctions against Russian aluminum producer Rusal. The U.S. aluminum market may tighten quickly, putting upward pressure on U.S. Midwest premiums, according to Sood, who sees Alcoa (AA) being the biggest beneficiary among the aluminum names he covers. Constellium (CSTM) and Kaiser Aluminum (KALU) may face some near-term headwinds as they may struggle to pass through higher aluminum costs, added the analyst.

AA

Alcoa

$48.05

0.44 (0.92%)

CENX

Century Aluminum

$16.79

-0.23 (-1.35%)

CSTM

Constellium

$11.05

-0.05 (-0.45%)

KALU

Kaiser Aluminum

$101.29

-2.36 (-2.28%)

  • 18

    Apr

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    Apr

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    May

AA Alcoa
$48.05

0.44 (0.92%)

01/11/18
SBSH
01/11/18
NO CHANGE
Target $65
SBSH
Buy
Alcoa price target raised to $65 from $53 at Citi
Citi analyst Alexander Hacking raised his price target for Alcoa to $65 on the belief that "sustainably higher" aluminum prices, supported by the cost curve, will re-rate multiples higher. The analyst believes the stock looks inexpensive and he keeps a Buy rating on the shares.
01/18/18
JPMS
01/18/18
NO CHANGE
Target $68
JPMS
Overweight
Alcoa price target raised to $68 from $55 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Alcoa to $68 following the company's Q4 results to reflect higher alumina and aluminum prices. The analyst notes, however, that higher raw material costs are acting as a partial offset. Alumina and aluminum prices will be supported by capacity cuts in China and Alcoa has "significant leverage" to these prices given its attractive cost structure, Gambardella tells investors in a post-earnings research note. He also thinks the stock could benefit from Alcoa potentially being added to the S&P 500 in the next few months. The analyst keeps an Overweight rating on the shares.
01/18/18
BOFA
01/18/18
NO CHANGE
Target $63
BOFA
Buy
Alcoa price target lowered to $63 from $67 at BofA/Merrill
BofA/Merrill analyst Timna Tanners lowered her price target for Alcoa to $63 from $67 following quarterly results. While the company reported above consensus 2018E EBITDA outlook, cost pressures dampened enthusiasm, the analyst notes. Nonetheless, Tanners reiterates a Buy rating on the shares given her above guidance EBITDA forecasts on a positive view on aluminum, and as she believes cash return to shareholders likely in H2 is a positive catalyst.
03/20/18
GSCO
03/20/18
INITIATION
Target $52
GSCO
Neutral
Alcoa initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Alcoa with a Neutral rating and $52 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
CENX Century Aluminum
$16.79

-0.23 (-1.35%)

03/13/18
COWN
03/13/18
UPGRADE
COWN
Outperform
Century Aluminum upgraded to Outperform from Market Perform at Cowen
03/13/18
COWN
03/13/18
UPGRADE
Target $30
COWN
Outperform
Century Aluminum upgraded to Outperform at Cowen
As previously reported, Cowen analyst Novid Rassouli upgraded Century Aluminum to Outperform from Market Perform. The analyst's upgrade is primarily due to the Trump tariff, which is allowing the company to restart significant production capacity. Rassouli raised his price target to $30 from $23 on Century Aluminum shares.
03/14/18
JPMS
03/14/18
UPGRADE
Target $29
JPMS
Overweight
Century Aluminum upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Century Aluminum to Overweight and raised his price target for the shares to $29 from $18 citing the price impact of a 10% tariff from President Trump's Section 232 decision on aluminum imports. Century Aluminum should benefit "significantly" from a higher all-in aluminum price and the company's greater earnings base from Hawesville, leading to higher earnings and cash flow, Gambardella tells investors in a research note.
04/04/18
COWN
04/04/18
NO CHANGE
Target $25
COWN
Outperform
Century Aluminum price target lowered to $25 from $30 at Cowen
Cowen analyst Novid Rassouli lowered his price target on Century Aluminum to $25 from $30 following meetings with management and after adjusting his FY19 EPS and EBITDA estimates. He came away incrementally more positive that Section 232 will result in economics that are supportive of the Hawesville restarts and remains a buyer of the shares as he expects earnings upside driven by higher volumes. Rassouli maintained his Outperform rating on Century Aluminum shares.
CSTM Constellium
$11.05

-0.05 (-0.45%)

02/06/18
COWN
02/06/18
NO CHANGE
Target $20
COWN
Outperform
Constellium price target raised to $20 from $13 at Cowen
Cowen analyst Novid Rassouli raised his price target on Constellium to $20 from $13 to reflect the expected proceeds from the Sierre sale announced last week. The analyst said the proceeds will be used to reduce debt and lower the company's leverage. Rassouli reiterated his Outperform rating on Constellium shares.
02/23/18
COWN
02/23/18
NO CHANGE
Target $20
COWN
Outperform
Constellium remains a top pick following Q4 results, says Cowen
Cowen analyst Novid Rassouli noted Constellium posted its fourth consecutive quarterly beat with its Q4 results. The analyst said results exceeded consensus expectations and he expects the steep climb in margins seen in 2017 to level off in 2018 while he expects deleveraging to drive the stock's multiple higher. Rassouli reiterated his Outperform rating and $20 price target on Constellium shares.
02/28/18
SOCG
02/28/18
DOWNGRADE
SOCG
Hold
Constellium downgraded to Hold from Buy at Societe Generale
03/20/18
GSCO
03/20/18
INITIATION
Target $16
GSCO
Buy
Constellium initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Constellium with a Buy rating and $16 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view. The analyst sees shares in the space supported by high commodity prices, "more rational" supply dynamics and "healthier" balance sheets.
KALU Kaiser Aluminum
$101.29

-2.36 (-2.28%)

11/16/17
11/16/17
UPGRADE
Target $13

Overweight
Constellium upgraded to Overweight on continued re-rating at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood upgraded Constellium (CSTM) to Overweight from Equal Weight, stating that the company has started to successfully execute on its efficiency program and he expects further volume growth in key areas along with the re-rating in the shares to continue. He increased his price target on Constellium shares to $13 from $8. Noting media reports of potential M&A interest in the space, Sood also raised his valuation multiple on Kasier Aluminum (KALU) and increased his price target on its shares to $101 from $87, though he maintains an Equal Weight rating on the stock.
11/30/17
COWN
11/30/17
NO CHANGE
COWN
U.S. anti-dumping investigation should help aluminum pricing, says Cowen
Cowen analyst Novid Rassouli believes the U.S. Department of Commerce AD and CVD investigations will likely benefit common alloy aluminum sheet prices even though he also believes the void left by China will be filled by other countries. The analyst also sees the potential for more cases to come. Rassouli has an Outperform rating on Constellium (CSTM) and sees exposure to the investigations but little exposure for Kaiser Aluminum (KALU), which are the two aluminum names he covers.
02/23/18
FBCO
02/23/18
NO CHANGE
Target $102
FBCO
Neutral
Kaiser Aluminum a 'well-oiled machine' despite headwinds, says Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target on Kaiser Aluminum shares to $102 from $95, calling the company a "well-oiled machine" after its fourth quarter results, despite significant headwinds on the Trentwood upgrade, price pressures in aero and contained metal headwinds. The analyst, who called the company's guidance "conservative," maintained a Neutral rating on valuation, but raised his price target as he rolls forward his valuation framework to 2019.
03/20/18
GSCO
03/20/18
INITIATION
Target $111
GSCO
Neutral
Kaiser Aluminum initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Kaiser Aluminum with a Neutral rating and $111 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.

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DCT Industrial

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SM Energy

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