This Alcoa Analyst Lowers Forecasts After Q4 Miss, Plus 'Overall, A Softer-Than-Expected 2024 Start'
Portfolio Pulse from Priya Nigam
Alcoa Corp (NYSE:AA) shares fell after reporting mixed Q4 results. BMO Capital Markets analyst Katja Jancic maintained a Market Perform rating but lowered the price target from $30 to $29. The EBITDA miss was attributed to 'other corporate items,' but segment EBITDA was slightly above estimates. Despite a disappointing Q1 outlook, Alcoa outlined actions that could improve EBITDA by $645 million annually in 2024-25. Jancic revised down EBITDA and earnings estimates for Q1 and 2024.
January 18, 2024 | 5:35 pm
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Alcoa Corp reported mixed Q4 results leading to a share price decline. Analyst Katja Jancic of BMO Capital Markets maintained a Market Perform rating but lowered the price target from $30 to $29, citing a disappointing Q1 outlook but potential EBITDA improvements.
The reduction in price target and lowered earnings and EBITDA estimates by the analyst are likely to negatively impact investor sentiment in the short term, leading to a potential decrease in Alcoa's stock price.
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