Alcoa upgraded at BofA/Merrill As previously reported, BofA/Merrill upgraded Alcoa to Neutral from Underperform. The firm upgraded shares to reflect higher Midwest premia assumptions. Price target raised to $14 from $9.50.
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.