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.
Alcoa rallies with Freeport-McMoRan, materials sector Shares are up over 5% to $9.33 at time of writing, putting it above downtrend resistance at the 10-day moving average. At that price next resistance is at $9.51. Support is at $9.19.