UPDATE: Cowen Upgrades Arconic (ARNC) to Outperform
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(Updated - October 14, 2019 6:19 AM EDT)
(updated to add analyst comment)
Cowen analyst Gautam Khanna upgraded Arconic (NYSE: ARNC) from Market Perform to Outperform with a price target of $31.00 (from $26.00).
The analyst comments "The firm's rising FCF renders its low valuation on EV/EBITDA, which was rooted in the firm's historically poor FCF/EBITDA, an artifact that no longer should apply."
Shares of Arconic closed at $26.45 yesterday.
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