Freedom Capital analyst Vitaly Kononov upgraded Alcoa (AA) to Buy from Hold with a $45 price target The closure of the high-cost Kwinana refinery has “limited near-term impact” and the delayed restart of San Ciprian shifts shipments into Q4 and adds earnings volatility, but aluminum prices are trending higher on tightening supply, which leads the firm to upwardly revise its forecasts, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AA:
- Alcoa call volume above normal and directionally bullish
- Alcoa Announces Permanent Closure of Kwinana Refinery
- Alcoa’s Strategic Refinery Closure and Bauxite Focus Drive Buy Rating
- Strategic Restructuring and Asset Optimization Justify Buy Rating for Alcoa
- Alcoa to permanently close Kwinana refinery