Credit Suisse Upgrades Alcoa (AA) to Outperform
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Credit Suisse analyst Curt Woodworth upgraded Alcoa (NYSE: AA) from Neutral to Outperform with a price target of $27.00 (from $26.00).
The analyst comments "We upgrade Alcoa to Outperform from Neutral as we expect alumina prices to recover on significant capacity cuts in China, an end to inventory destocking, and the Alpart shutdown. Smelter profit margins have improved significantly with LME prices remaining firm despite global macro headwinds and sharp declines in key raw material inputs for alumina, caustic soda, energy, and calcined coke."
Shares of Alcoa closed at $21.20 yesterday.
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