Soleil Securities Upgrades Alcoa (AA) to Hold
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Soleil Securities upgrades Alcoa (NYSE: AA) from Sell to Hold with a $40 price target.
The upgrade is "due to the drop in the stock price of more than 9 points (or almost 23%) during the past five weeks, versus a drop of 9.3% in the S&P500 over the same time period."
In addition, the firm said, “The actual price of aluminum has been increasing, partially due to problems at some Alcoa facilities. Thus, our third-quarter earnings estimate probably will have to increase if aluminum prices remain at current levels, but we are waiting to see what Alcoa reports on Tuesday for its second quarter. Our 2Q estimate remains $0.65 a share and the consensus is now $0.68.â€
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry.
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