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Century Aluminum (CENX +9.9%) is upgraded to Buy from Neutral with a $30 price target, up from $21, at BofA/Merrill, which revises its outlook upon taking a more positive stance on global aluminum markets. BofA believes the recent retreat in the stock offers an attractive entry point, and it expects earnings to be revised up near term on mark to market aluminum price recovery. The firm expects CENX to swing to $212M net cash as of year end 2015 from $63M net debt as of year end 2014, and sees recently trimmed power costs at its Sebree and Hawesville smelters boosting earnings.

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