Alcoa price target lowered to $28 from $30 at BMO Capital

BMO Capital lowered the firm’s price target on Alcoa to $28 from $30 and keeps a Market Perform rating on the shares. The company’s Q3 results were “better than expected”, but the firm is still lowering its FY23 EPS view to ($2.25) from ($1.72) and its FY24 view to $1.41 from $1.67, the analyst tells investors in a research note. While Alcoa expects its revised MMP to be approved in Q4, the concessions made will result in Alcoa continuing to mine lower quality bauxite until 2027, the firm added.