Century Aluminum is rated Buy with a $48 price target, driven by expanded production capacity and improved liquidity post-Mt. Holly and Grundartangi ramp-ups. Q2 profitability was primarily fueled by higher aluminum prices and regional premiums, with gross margin rising to 30.3% and significant government credit support. CENX expects to maintain Q3 EBITDA near Q2 levels ($335M vs. $327M), as incremental production offsets cost pressures, though execution risks remain at Mt. Holly and Grundartangi.