Alcoa price target raised to $39 from $36 at JPMorgan

JPMorgan analyst Bill Peterson raised the firm’s price target on Alcoa to $39 from $36 and keeps a Neutral rating on the shares following the Q3 report. The strong EBITDA improvement was driven by higher alumina pricing, raw materials and energy, partly offset by lower aluminum pricing and currency, the analyst tells investors in a research note. The firm says that as Alcoa is making progress on San Ciprian resolution, it removes the stock from its “Positive Catalyst Watch.”