Alcoa (AA) PT Raised to $52 at JPMorgan Ahead of Earnings
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JPMorgan analyst Michael Glick raised the price target on Alcoa (NYSE: AA) to $52.00 (from $50.00) on continued strong pricing ahead of Q3 earnings next week.
The analyst reiterated an Overweight rating, stating "We are updating our Q3 estimates to reflect average realized Q3 prices for alumina and aluminum. We have also updated our forward curve prices for alumina and aluminum (which are based on the strip). At recent conferences, Alcoa has suggested Q3 EBITDA to be around $100mm higher than Q2, which is around where our model shakes out (JPMe $725mm consensus of $708mm), while we sit ~9% above the Street for FY2022."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJPMorgan, Earnings
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