Alcoa upgraded to Overweight from Neutral at JPMorgan JPMorgan upgraded Alcoa to Overweight citing the tightening aluminum markets and increasing regional aluminum premiums. The firm raised its price target for Alcoa shares to $15 from $9.
Aluminum prices decline on excess supply, Bloomberg says Aluminum prices have been under pressure as prices for the metal fell 9.4% in May in the largest monthly drop since October 2012, says Bloomberg. According to the Bloomberg report aluminum producers in China have been encouraged by cheap coal to operate their furnaces and may expand exports. Companies in the aluminum space include Alcoa (AA) and Century Aluminum (CENX). Reference Link