Alcoa price target lowered to $40 from $45 at BMO Capital

BMO Capital analyst Katja Jancic lowered the firm’s price target on Alcoa to $40 from $45 and keeps a Market Perform rating on the shares. The company reported largely in-line adjusted EBITDA, but segment EBITDA missed BMO’s estimates on higher aluminum costs, the analyst tells investors in a research note. BMO adds that Alcoa is expected to remain challenged by operational and cost headwinds, coupled with market softness, the analyst tells investors in a research note.