- Century Aluminum (CENX +2.3%) is on the move after B. Riley raises shares to Buy from Neutral with a $19 price target, saying aluminum prices and the Midwest premium have continued to trend upward since the stock peaked in mid-March, gaining 14% and 56% respectively.
- "While major cost drivers like electricity and freight will likely offset these improvements slightly, Century's most critical raw material (alumina) hasn't experienced rapid cost inflation compared to other raw materials," according to B. Riley's Lucas Pipes.
- "We encourage investors to buy CENX ahead of the company's earnings release on Aug. 4," Pipes says.
- For Q1, Century reported a larger than expected loss while revenues rose 5% Y/Y.