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AA

Alcoa

$28.52

-2.99 (-9.49%)

10:14
10/11/16
10/11
10:14
10/11/16
10:14

Alcoa moves sharply lower, nears support test

The shares are down over 10% at time of writing to $28.32. At that price the next important support is at the $27.50 area. That level has held as support on a closing price basis since March of this year. A breakdown below $27.50 would therefore likely be bearish for future price. Next support below would be at $26.55. Resistance is currently at $28.71.

  • 11

    Oct

AA Alcoa
$28.52

-2.99 (-9.49%)

05/23/16
BOFA
05/23/16
UPGRADE
BOFA
Buy
Alcoa upgraded to Buy from Neutral at BofA/Merrill
05/23/16
05/23/16
UPGRADE
Target $11

Buy
Alcoa upgraded to Buy from Neutral at BofA/Merrill
As previously reported, BofA/Merrill upgraded Alcoa to Buy from Neutral and raised its price target to $11 from $10.50. Analyst Timna Tanners said aluminum and alumina has become a lesser portion of Alcoa's earnings yet shares have become increasingly correlated to aluminum pricing while aerospace exposure now leaves it with an estimated 75% of its earnings levered to the segment. Tanners is confident in an upswing in aero-heavy downstream results and sees engine deliveries up 10% in 2016 and 18% in 2017. The analyst views the recent pullback in Alcoa shares as a buying opportunity given reduced commodity exposure and increased aero contribution.
09/09/16
GHSC
09/09/16
INITIATION
Target $11
GHSC
Neutral
Alcoa initiated with a Neutral at Seaport Global
Seaport Global analyst Josh Sullivan initiated Alcoa with a Neutral and $11 price target.
09/09/16
09/09/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. American Express (AXP) initiated with an Underweight at Atlantic Equities. 2. Alcoa (AA) initiated with a Neutral at Seaport Global. 3. Blue Buffalo Pet Products (BUFF) initiated with an Outperform at Oppenheimer. 4. Harley-Davidson (HOG) initiated with an Outperform at Bernstein. 5. Verifone (PAY) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CELG

Celgene

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AAPL

Apple

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GME

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TRIP

TripAdvisor

$46.46

-0.7 (-1.48%)

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CTXS

Citrix

$85.62

0.15 (0.18%)

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XOM

Exxon Mobil

$87.04

-0.2 (-0.23%)

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  • 05

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NVS

Novartis

$68.17

0.42 (0.62%)

, JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

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Novartis

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JNJ

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ALIOF

Actelion

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  • 06

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PCRFY

Panasonic

$10.58

0.19 (1.83%)

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AAPL

Apple

$109.90

0.41 (0.37%)

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ETP

Energy Transfer Partners

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INCY

Incyte

$102.02

2.09 (2.09%)

, PFE

Pfizer

$31.63

0.17 (0.54%)

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INCY

Incyte

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PFE

Pfizer

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LLY

Eli Lilly

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1.74 (2.64%)

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AGIO

Agios Pharmaceuticals

$56.97

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  • 04

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KPTI

Karyopharm

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  • 05

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JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

, ABBV

AbbVie

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BPMC

Blueprint Medicines

$27.01

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  • 05

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INCY

Incyte

$102.02

2.09 (2.09%)

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  • 04

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GPRO

GoPro

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KPTI

Karyopharm

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  • 05

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CELG

Celgene

$117.63

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GBT

Global Blood Therapeutics

$19.10

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CELG

Celgene

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XLRN

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$36.29

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XLRN

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CELG

Celgene

$117.63

-1.24 (-1.04%)

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  • 04

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ALNY

Alnylam

$41.57

-0.01 (-0.02%)

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ALXN

Alexion

$122.96

0.95 (0.78%)

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LYV

Live Nation

$27.07

-0.44 (-1.60%)

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NVS

Novartis

$68.17

0.42 (0.62%)

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  • 06

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