Alcoa price target lowered to $28 from $35 at JPMorgan

JPMorgan analyst Bill Peterson lowered the firm’s price target on Alcoa to $28 from $35 and keeps a Neutral rating on the shares. The analyst says global aluminum markets have “remained in a slump” during Q3 on the back of weak underlying fundamentals, overdone sentiment leading up to July’s Politburo meeting and disappointing macro data from China. This should translate into challenging fundamentals for Alcoa, which is already dealing with operational woes related to environmental pushback and ongoing mine permitting delays in Western Australia, the analyst tells investors in a research note.