BofA double downgraded Alcoa (AA) to Underperform from Buy with a price target of $26, down from $58. The BofA Commodities team has refreshed its price forecasts and lowered its aluminum forecast by 12% and its alumina view by 38%, the analyst tells investors. Aluminium, copper and zinc supply is constrained, but while the commodities team is constructive on base metals longer term, the near-term looks uncertain on demand concerns, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AA:
- Alcoa, Ignis Equity enter joint venture agreement to support San Ciprian complex
- Alcoa call volume above normal and directionally bullish
- Alcoa price target lowered to $47 from $53 at UBS
- Alcoa’s Promising Financial Outlook: Buy Rating Supported by Rising Aluminum Prices and Strategic Catalysts
- Alcoa sees ‘very strong’ Q1 as some customers rush orders