JPMorgan lowered the firm’s price target on Alcoa to $26 from $28 and keeps a Neutral rating on the shares post the Q3 report. Realized aluminum and alumina prices down 9% and 3% quarter-over-quarter more than offset easing raw material and production costs, the analyst tells investors in a research note. The firm expects cost pressures from poor bauxite grades extending beyond its forecast horizon.
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