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.
News For AA From The Last 14 Days
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Alcoa reaches power agreement with Quebec for smelters Alcoa and the Government of Quebec have reached an agreement to improve the competitiveness of Alcoa’s three smelters in Québec, securing approximately 3,000 jobs, the company announced. Under the agreement, Hydro-Québec will renew Alcoa’s power supply contracts for the Becancour and Deschambault facilities until 2030 and for the Baie-Comeau plant through 2036. The agreement enables Alcoa to proceed with $250M of planned investments at the smelters over the next five years to further improve their competitiveness. As part of that investment, Alcoa will increase production of aluminum used for auto manufacturing and reduce production of commodity-grade aluminum at the Baie-Comeau casthouse to capture demand from automakers as they turn to aluminum for more fuel-efficient vehicles.