Alcoa (AA) Receives a Buy from Jefferies

Jefferies analyst Chris LaFemina maintained a Buy rating on Alcoa (AAResearch Report) yesterday and set a price target of $60.00. The company’s shares closed last Tuesday at $46.99.

According to TipRanks.com, LaFemina is a 3-star analyst with an average return of 2.0% and a 45.5% success rate. LaFemina covers the Basic Materials sector, focusing on stocks such as Fortescue Metals Group Ltd, First Quantum Minerals, and Ivanhoe Electric Inc.

Alcoa has an analyst consensus of Moderate Buy, with a price target consensus of $58.89, a 25.0% upside from current levels. In a report issued on July 14, Goldman Sachs also maintained a Buy rating on the stock with a $90.00 price target.

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Based on Alcoa’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.64 billion and net profit of $549 million. In comparison, last year the company earned revenue of $2.83 billion and had a net profit of $309 million.

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina. The Aluminum segment combines smelting and casting operations produce primary aluminum. The smelting operations produce molten primary aluminum, which is then formed by the casting operations into either foundry ingot or into value add ingot products, including billet, rod, and slab. The company was founded by Charles Martin Hall on July 9, 1886 and is headquartered in Pittsburgh, PA.

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