BofA raised the firm’s price target on Alcoa to $32 from $31 and keeps a Neutral rating on the shares. The firm updated its Alcoa model with commodity pricing locked in and now sees Q1 adjusted EBITDA of $121M, above its prior estimate of $97M due mainly to higher aluminum pricing. BofA’s EBITDA view is now in line with Bloomberg consensus at $119M, but below Visible Alpha at $140M, the analyst noted.
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