Alcoa Makes 'Solid Progress' Addressing Operational Concerns, Analyst Is No Longer Bearish
Portfolio Pulse from Priya Nigam
Alcoa Corp (NYSE:AA) reported first-quarter results with a slight revenue beat and is making progress in cost-saving measures. Morgan Stanley upgraded Alcoa's rating from Underweight to Equal-Weight and raised the price target from $28.50 to $36.50, citing solid progress in operational concerns and potential benefits from the Inflation Reduction Act. Shares of Alcoa rose by 0.25% to $35.61.
April 22, 2024 | 3:49 pm
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Alcoa Corp's stock received an upgrade from Morgan Stanley from Underweight to Equal-Weight with a raised price target, indicating solid operational progress and potential regulatory benefits.
The upgrade by Morgan Stanley reflects a positive shift in perception towards Alcoa's operational efficiency and future prospects, particularly with potential benefits from the Inflation Reduction Act. This analyst endorsement, coupled with a raised price target, is likely to instill investor confidence and could lead to a short-term uplift in Alcoa's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100