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CSTM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Constellium SE Class A Ordinary shares (CSTM) stock moving?
Constellium beat Q3 2026 estimates on October 28, with EPS of $0.84 against $0.70 expected and sales of $2.639B against $2.504B, and it raised full-year 2026 Adjusted EBITDA and Free Cash Flow guidance. Four brokers reacted within two days: JPMorgan upgraded to Overweight with a $35 target, Deutsche Bank kept a Buy with a $35 target, Wells Fargo kept Overweight but cut its target to $33, and Barclays kept Equal-Weight and raised its target to $30. The average target across these four is about $33, roughly 48% above the Nov 10 close of $22.47. The price did not follow the news: the stock closed at $24.43 on Oct 28 on 4.26M shares, about twice normal volume, then slid to $22.98 by Nov 2 and fell 7.6% to $20.99 on Nov 5 on 1.65M shares. No news item in the window explains that drop. Shares have since recovered to $22.47 on lower volume, which fell to 1.29M on Nov 10, still below the post-results close. The 10-Q filed Oct 28 was listed but its content was not reviewed. The gap between strong fundamentals and analyst targets and the weak price reaction is the main open question.
News behind the analysis
- Barclays Maintains Equal-Weight on Constellium, Raises Price Target to $30Barclays kept its Equal-Weight rating on Constellium and raised its price target to $30 after the third-quarter results.
- JP Morgan Upgrades Constellium to Overweight, Raises Price Target to $35JPMorgan upgraded Constellium from Neutral to Overweight with a $35 price target.
- Deutsche Bank Adjusts Constellium SE Price Target to $35Deutsche Bank lowered its price target to $35 from $36 and kept its Buy rating.
- Wells Fargo Maintains Overweight on Constellium, Lowers Price Target to $33Wells Fargo kept its Overweight rating and lowered its price target to $33.
- JPMorgan Upgrades Constellium to OverweightJPMorgan upgraded Constellium SE from Neutral to Overweight and set a $35 price target.
- Constellium Q3 2026 Earnings Call TranscriptManagement discussed the third-quarter 2026 results on the earnings call, with the full transcript published by Benzinga.
- Constellium SE Reports Third Quarter 2026 Financial Results and Raises Full-Year GuidanceConstellium reported Q3 2026 revenue of $2.6 billion and raised its full-year 2026 Adjusted EBITDA and Free Cash Flow guidance.
- Constellium Q3 EPS $0.84 Beats $0.70 Estimate, Sales $2.639B Beat $2.504B EstimateConstellium posted Q3 EPS of $0.84 against a $0.70 estimate and sales of $2.639B against a $2.504B estimate.
About Constellium SE Class A Ordinary shares
Constellium is a Paris-based company that makes specialty aluminum products such as aircraft plate, beverage-can sheet and car body parts, and it reported about $8.4 billion in revenue for 2025. It doesn't mine or smelt aluminum. Instead it turns aluminum and recycled scrap into high-value parts for aerospace, defense, packaging and automotive customers, using about 23 plants in Europe and North America, including the large Muscle Shoals rolling mill in Alabama.
How it makes money
It sells aluminum products through three segments. Packaging & Automotive Rolled Products makes can and closure stock, foil, auto body sheet and battery foil, and it is the largest segment by earnings. Aerospace & Transportation makes plate, sheet and extrusions for aircraft, space, defense and industrial use. Automotive Structures & Industry makes extruded parts such as crash-management systems. Customers generally pay for the metal plus a conversion fee, so profit depends mostly on the conversion margin rather than on aluminum prices. Changes in metal prices can still cause swings in reported results, which the company calls the non-cash metal price lag.
What usually moves CSTM
- Aerospace build rates and supply-chain destocking
- Beverage can demand in North America and Europe
- European and US auto production
- Aluminum tariffs, scrap spreads and metal price lag
- Energy and other input costs