Alcoa price target raised to $45 from $42 at BMO Capital

BMO Capital analyst Katja Jancic raised the firm’s price target on Alcoa to $45 from $42 and keeps a Market Perform rating on the shares after its Q3 earnings beat. The firm is increasing its near-term estimates on marking-to-market alumina price while forecasting the company’s Q4 results to increase further, the analyst tells investors in a research note. Alcoa is seen as “well positioned” to benefit from the currently strong alumina pricing environment, BMO added.