Alcoa (AA) PT Lowered to $65 at BMO Capital

BMO Capital analyst Katja Jancic lowered the price target on Alcoa (NYSE: AA) to $65.00 (from $67.00) while maintaining a Market Perform rating.

The analyst comments "Alcoa delivered a 4Q'25 beat, although driven primarily by a one-time CO2 credit. Looking ahead, 2026 aluminum production & shipment targets are largely in line with our estimates, while alumina targets are mixed. Meanwhile, the asset sale timeline has been extended, which is a bit anticlimactic but explainable. During the quarter, Alcoa reached the higher end of its net debt target, although in the near-term the focus is on maintaining this position and on further debt reduction. We are reducing our near-term estimates and target to $65 (7.5x/7.7x 2026E/2027E EV/EBITDA)."

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