Alcoa price target raised to $32 from $27 at UBS

UBS raised the firm’s price target on Alcoa to $32 from $27 but keeps a Sell rating on the shares after its Q1 earnings miss. The firm remains concerned about the production cost trends at Alcoa given that in FY23, Alcoa outlined $570M of negative headwinds, the analyst tells investors in a research note. UBS adds that its Sell rating reflects its views that aluminum prices medium term downside risks, and that Alcoa aluation already embeds significant operational andmarket recovery.