FBR Capital Downgrades Alcoa (AA) to Underperform
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FBR Capital downgrades Alcoa (NYSE: AA) from Market Perform to Underperform, citing valuation and oversupply. The firm lifted their price target from $8.00 to $8.50.
The firm said, "While we are on board that less than bad PMI, industrial productions, and durable goods orders are signs of "green shoots," we believe that demand upticks are not enough to offset the overhang in LME inventory. We also believe the aluminum market is structurally over supplied, as we are already seeing Chinese smelters coming back on line (1.7 million metric tonnes according to the Chinese Non-Ferrous Metal Association) amid higher prices and lower production (power) cost."
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