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Fly News Breaks for June 29, 2015
AA
Jun 29, 2015 | 09:04 EDT
Morgan Stanley lowered Alcoa 2015-17 EBITDA estimates to reflect declines in regional premiums. The firm lowered Q2 EPS to 21c from 22, below consensus of 23c, but sees drivers in place for a 2H recovery in shares. Morgan Stanley said all-in aluminum prices, including regional premiums, are near six year lows, and expects upstream performance to near a trough at current prices, and for earnings to bottom in Q3. The firm rates shares an Overweight with a lowered price target of $16.
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