Alcoa upgraded to Buy at Citi on ‘bullish’ aluminum view

Citi analyst Alexander Hacking upgraded Alcoa to Buy from Neutral with a price target of $65, up from $55, citing an upgraded and "bullish" view on aluminum from the firm’s global commodity team, which is targeting $2,700/t in price in the near-term and sees the potential for prices as high as $3,000/t. While acknowledging Alcoa’s limited free cash flow, the firm expects the stock to outperform as "the default North America exposure to aluminum."