Constellium price target lowered to $18 from $22 at BMO Capital

BMO Capital lowered the firm’s price target on Constellium (CSTM) to $18 from $22 but keeps an Outperform rating on the shares. The company reported “disappointing” Q3 results as it is currently going through a rough patch driven by end market softness and supply chain challenges, though these are likely “cyclical, not structural”, the analyst tells investors in a research note. The stock has become a “show-me story” that likely takes time to prove, though the recent sell-off “has been overdone”, the firm added.