Morgan Stanley analyst Carlos De Alba lowered the firm’s price target on Alcoa to $47 from $52 and keeps an Equal Weight rating on the shares as part of a broader research note on Americas Metals & Mining. While the firm is constructive over the long term on decarbonization and electrification trends that support demand for metals and challenging conditions to develop new supply, it prefers to "take chips off the table" as mining equities share prices are more adequately reflecting the China reopening, the analyst tells investors in a research note. Morgan Stanley adds that it prefers to see evidence that Alcoa’s recent operational setbacks in the bauxite and alumina businesses are resolved.
Published first on TheFly
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