Century Aluminum upgraded at Wolfe Research on better aluminum price outlook

As previously reported, Wolfe Research upgraded Century Aluminum (CENX) to Outperform from Peer Perform with a $27 price target to reflect a better aluminum price outlook and incorporate the low end of a potential power connection sale at its idled Hawesville smelter. Century can benefit from higher alumina prices more than doubling in 2024, as its mid 2023 investment in Jamalco acts as a hedge of alumina input costs, says the analyst, who now forecasts 2025 EBITDA of $342M, up from a prior view of $265M.