Argus analyst John Eade raised his price target on Alcoa to $69 and kept his Buy rating after the company's latest earnings beat. Eade says that despite the 15% run-up in the stock price over the past quarter - in part impacted by President Trump's new tariffs on imported steel and aluminum - shares still offer value, as the company benefits from its pricing power in a tighter aluminum market amid reduced overall industry production. The analyst adds that the implied price to cash flow multiple from his new price target is still close to the peer group average.

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Morgan Stanley upgraded Alcoa to Equal Weight from Underweight with a price target of $36.50, up from $28.50. The analyst now sees a more balanced risk/reward for Alcoa shares given the company's continued progress on cost saving measures, reduced uncertainty on the path to resolving bauxite mining issues in Western Australia, and potentially more Inflation Reduction Act benefits to come. The operational concerns that persisted throughout 2023 have largely been de-risked, the analyst tells investors in a research note.