BofA raised the firm’s price target on Alcoa to $36 from $28 and keeps a Neutral rating on the shares. The firm now sees Q4 adjusted EBITDA of $100M, higher than its prior estimate, mainly due to the recently flagged $35M-$40M US Section 45X credit, the analyst tells investors in a research note. In addition, the Western Australian government granted an exemption to allow Alcoa to continue mining, partly removing a key overhang.
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