Century Aluminum price target raised to $24 from $22 at B. Riley

B. Riley analyst Lucas Pipes raised the firm’s price target on Century Aluminum (CENX) to $24 from $22 and keeps a Buy rating on the shares. Century Aluminum reported solid Q3 results, and while the firm views the Q4 adjusted EBITDA guidance of $70M-$80M as robust, Century will realize further upside in Q1, where management pointed to a quarterly run-rate of around $100M, the analyst tells investors in a research note. The company has also realized meaningful progress on multiple fronts, including exploring strategic alternatives at Hawesville, a timely extension of fixed LME-linked alumina supply contracts, additional 45X benefits, optimization at Jamalco, and operational execution amidst improved aluminum fundamentals, B. Riley says.