Alcoa price target raised to $32 from $27 at UBS

UBS raised the firm’s price target on Alcoa to $32 from $27 and keeps a Sell rating on the shares. The firm remains concerned about the production cost trends at Alcoa given in FY23 the company outlined $570M of negative headwinds and had $61M incremental in Q1, the analyst tells investors in a research note. Alcoa noted on the call recent challenges with the Alumar restart as well as $20M higher seasonal maintenance in Q2 Alumina division, and the Warrick restart is said to require further actions to achieve profitability with full benefits now forecast to be realized by the end of 2025, the firm adds.