UBS analyst Curt Woodworth initiated coverage of Alcoa with a Sell rating and $29 price target. The mid-cycle earnings power of Alcoa has been significantly reduced due to company-specific challenges as well as structural shifts in the market, the analyst tells investors in a research note. The firm is cautious on medium-term aluminum price trends as it sees demand weakness continuing into 2024 and expects that FX and cost curve deflation should limit price upside as well.
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