Jefferies Starts Alcoa (AA) at Buy

Jefferies initiates coverage on Alcoa (NYSE: AA) with a Buy rating and a price target of $65.00.

Analyst Chris LaFemina comments "Free cash flow growth, further improvements to its balance sheet, and the initiation of sustainable and predictable capital returns should lead to a higher valuation for Alcoa. These shares are undervalued and offer investors a free embedded call option on alumina and aluminum prices as well as a free option on low-cost organic growth. We recommend that investors buy AA shares now."

For an analyst ratings summary and ratings history on Alcoa click here. For more ratings news on Alcoa click here.

Shares of Alcoa closed at $51.99 yesterday.

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