Alcoa price target raised to $15 from $13 at Argus Argus increased its price target on Alcoa after the company reported higher than expected Q1 EPS. Over the rest of the year the firm expects the company to benefit from continued strong results from its Engineered Products and Solutions business, along with additional cost cutting. The firm keeps a Buy rating on the shares.
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.