Century Aluminum reinitiated with "outperform"

06/12/07 - Credit Suisse

NEW YORK, June 12 (newratings.com) - Analyst D Gagliano of Credit Suisse reinitiates coverage of Century Aluminum Company (CENX) with an "outperform" rating. The target price is set to $60.

In a research note published yesterday, the analyst mentions that the company has completed an equity offering worth $360 million to be deployed for partly financing the construction of the Helguvik aluminum smelter project in Iceland. This project is scheduled to begin in 2010, the analyst says. The Helguvik project is accretive to the NAV estimate for Century Aluminum by 5.3%, after taking into account dilution from the equity offering, Credit Suisse adds.