Aug. 19 at 8:12 PM
Century Aluminum shares fell sharply in afternoon trading, extending a broader selloff across the nonferrous metals sector. Alcoa, Ero Copper and Southern Copper also moved lower, pointing to a coordinated rotation out of aluminum and base-metal stocks rather than company-specific weakness.
B. Riley recently lowered its price target for Century Aluminum to
$72 from
$74 while maintaining a Buy rating, citing revised valuation assumptions. The target cut adds some caution as the stock remains well below its 52-week high of
$70.43.
A key headwind is the easing of geopolitical tensions in the Middle East, which is reducing the supply-risk premium that had supported aluminum prices and related equities. As that premium fades, producers that benefited from supply-disruption expectations face additional valuation pressure.
$CENX