BMO Capital analyst David Gagliano raised his price target on Alcoa to $80 after the company's Q1 earnings beat and a raise in its FY18 EBITDA target, saying his forecast for aluminum prices appears to be "increasingly conservative" given the "increasingly tight underlying market". Gagliano maintains his view of "compelling" risk/reward on Alcoa and sees $100 stock price as "fundamentally justifiable" due to the ongoing price spikes and potentially long-term aluminum deficit as a result of China's supply-side reforms. The analyst keeps his Outperform rating on Alcoa.