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Fly News Breaks for April 24, 2018
AA
Apr 24, 2018 | 07:06 EDT
Citi analyst Alexander Hacking downgraded Alcoa to Neutral from Buy with an unchanged price target of $57. The stock is up 60% year-over-year, Hacking tells investors in a research note. The analyst attributes the rally to "quasi-temporary factors," namely the Alunorte outage, 232 tariffs, Russia sanctions and U.S. trucking constraints. He expects these to moderate over the next 12 months. Further, Citi forecasts lower prices of $2,200 aluminum and $400/ton alumina in 2018, and Alcoa is fairly valued on this deck, Hacking writes.
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