B. Riley upgraded Century Aluminum to Buy from Neutral with a price target of $14, up from $10. The company is the greatest beneficiary of the 45X production tax credits, thanks to its current operational footprint and opportunities for capacity expansion at Mt. Holly and Hawesville, the analyst tells investors in a research note. The firm views Century’s guidance of $55M-$60M benefits in 2023 as a floor and notes the company could realize roughly $200M of annual benefit in the case that material costs are included, and the company achieves 100% utilization in the U.S.
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