Alcoa's (AA) Price Target Trimmed at Deutsche Bank

October 12, 2016 7:54 AM EDT
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Price: $35.51 -0.42%

Rating Summary:
    15 Buy, 13 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Deutsche Bank maintained a Buy rating on Alcoa (NYSE: AA) but lowered its price target to price target of $33.00 (from $36.00). The change follows the release of Q3 results.

Analyst Jorge Beristain said, "Alcoa reported adj. dil. EPS of $0.32, below DBe of $0.33 and Thomson One consensus of $0.35. Headline profit of $166m ($0.33/sh) impacted by restructuring charges ($18m or +4c/sh), tax items ($33m or +8c/sh) and special items ($51m or -12c) related to asset sales and separation costs. Company’s November 1st split remains on schedule along with another ~$250m of nonessential asset sale proceeds now expected in 4Q16. Aerospace destocking/plunge in NA heavy truck sales cited for $700m revenue guidance cut. We lower our PT to $33/sh on guide, but re-it Buy as upcoming management roadshow marketing could be a catalyst for aerospace revaluation."

For an analyst ratings summary and ratings history on Alcoa click here. For more ratings news on Alcoa click here.

Shares of Alcoa closed at $27.91 yesterday.

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