UBS initiated coverage of Kaiser Aluminum with a Neutral rating and $67 price target. While UBS believes earnings expectations have likely troughed for the cycle, valuation is near fair value and expects investors will want to see improved execution at Warrick in 2024, the analyst says. The firm views 2024 as a transition year as Kaiser will complete the mix upgrade in packaging by mid-year and will have a more optimized metal supply path starting in 2Q24.
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