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Jefferies Keeps Their Buy Rating on Alcoa (AA)

In a report issued on July 8, Chris LaFemina from Jefferies maintained a Buy rating on Alcoa (AAResearch Report), with a price target of $75.00. The company’s shares closed last Wednesday at $42.88.

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 Peabody Energy Comm.

Currently, the analyst consensus on Alcoa is a Moderate Buy with an average price target of $79.50, representing a 91.2% upside. In a report issued on July 1, Wolfe Research also maintained a Buy rating on the stock with a $72.00 price target.

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Based on Alcoa’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.29 billion and net profit of $469 million. In comparison, last year the company earned revenue of $2.87 billion and had a net profit of $175 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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