Century Aluminum (CENX) stock is soaring 5.74% in pre-market trading on Friday, following the release of its second-quarter earnings report and a target price upgrade from BMO Capital Markets. The aluminum producer's shares are reacting positively to increased revenue and analyst optimism, despite mixed results in its latest financial report.

Century Aluminum reported Q2 revenue of $628.1 million, a significant increase from $560.8 million in the same quarter last year and surpassing analysts' expectations of $611.4 million. While the company posted a wider loss of $0.05 per diluted share compared to a $0.03 loss a year earlier, its adjusted earnings came in at $0.30 per share, showing a substantial improvement from $0.01 in the previous year. However, this fell slightly short of the mean analyst estimate of $0.33 per share.

Adding to the positive sentiment, BMO Capital Markets raised its target price for Century Aluminum from $21 to $26, reflecting growing confidence in the company's prospects. This upgrade, combined with the revenue beat, appears to be outweighing concerns about the missed earnings estimates. The market's reaction suggests investors are focusing on Century Aluminum's top-line growth and the potential for improved performance in the coming quarters.