Century Aluminum (CENX) stock surged 5.47% in pre-market trading on Monday, as the aluminum producer received an analyst upgrade from BMO Capital. The investment bank raised its rating on CENX to Outperform from Market Perform, setting a new price target of $22 per share.
The bullish call from BMO Capital Markets seems to be the primary driver behind Century Aluminum's pre-market rally. Positive analyst coverage and higher price targets often boost investor sentiment, leading to increased demand for the stock.
While the specific reasons behind BMO's upgrade are not disclosed, the move likely reflects optimism about Century Aluminum's prospects and growth potential in the aluminum industry. As investors react favorably to the analyst's revised outlook, CENX stock is poised to carry its momentum into the regular trading session.
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