BMO Capital raised the firm’s price target on Alcoa to $37 from $35 and keeps a Market Perform rating on the shares. The company reported better than expected Q1 results and looks well-positioned to benefit from the positive aluminum price momentum, the analyst tells investors in a research note. Alcoa also continues to take multiple actions that should deliver profitability improvements over time, even though this is taking place at a slower pace than initially expected, BMO added.
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