Goldman Sachs Upgrades Alcoa (AA) to Buy
Get Alerts AA Hot Sheet
Price: $33.40 +0.57%
Rating Summary:
15 Buy, 14 Hold, 4 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 11
Rating Summary:
15 Buy, 14 Hold, 4 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 11
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Goldman Sachs upgraded Alcoa (NYSE: AA) from Neutral to Buy and raised their 6-month price target from $17 to $22, citing improving supply chain dynamics.
The firm states, "We view the structural industry change, driven by the de-linking of alumina from the aluminum price, as a potential major long-term contributor to Alcoa, which is the largest global third-party alumina seller." Goldman is also positive on the cyclical upturn in the aerospace cycle.
The firm sees Alcoa earnings $1.40/$1.65 in 2011/2012, up from $1.10/$1.25, and about 6%/11% higher than consensus. The firm said Alcoa can earn $1.95 on a normalized basis.
For more ratings news on Alcoa click here and for the rating history of Alcoa click here.
Shares of Alcoa closed at $17.09 yesterday.
The firm states, "We view the structural industry change, driven by the de-linking of alumina from the aluminum price, as a potential major long-term contributor to Alcoa, which is the largest global third-party alumina seller." Goldman is also positive on the cyclical upturn in the aerospace cycle.
The firm sees Alcoa earnings $1.40/$1.65 in 2011/2012, up from $1.10/$1.25, and about 6%/11% higher than consensus. The firm said Alcoa can earn $1.95 on a normalized basis.
For more ratings news on Alcoa click here and for the rating history of Alcoa click here.
Shares of Alcoa closed at $17.09 yesterday.
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