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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

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YY

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SUN

Sunoco

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  • 23

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QUNR

Qunar

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COG

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IIPR

Innovative Industrial Properties

$18.05

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AAPL

Apple

$136.53

-0.58 (-0.42%)

, SMCI

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$27.40

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HLF

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AHT

Ashford Hospitality

$7.37

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  • 24

    Feb

PG

Procter & Gamble

$91.13

-0.31 (-0.34%)

, EPC

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NSU

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SFTBF

SoftBank

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, S

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GOOG

Alphabet

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ALB

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UTX

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  • 23

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BREW

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, BUD

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GLPG

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