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Fly News Breaks for August 4, 2015
AA
Aug 4, 2015 | 05:32 EDT
UBS analyst Brian MacArthur upgraded Alcoa to Buy citing the company's transformation since Klaus Kleinfeld became CEO as well as the 45% pullback in shares since the 2014 highs. Following recent acquisitions, MacArthur estimates greater than 50% of Alcoa's asset base is in mid/downstream businesses, which he feels could drive multiple expansion. The analyst lowered his price target for shares to $14 from $14.50. The metals engineering and manufacturer closed yesterday down 23c to $9.64.
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