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Fly News Breaks for January 17, 2019
AA
Jan 17, 2019 | 06:55 EDT
JPMorgan analyst Michael Gambardella lowered his price target for Alcoa to $52 saying that while the company reported "solid" Q4 results, the earnings beat came mainly from lower corporate expenses. The analyst reduced his estimates to reflect slightly lower 2019 bauxite, alumina and aluminum shipment guidance as well as higher energy costs. However, the risk/reward on Alcoa shares is attractive as alumina and aluminum prices do not have much further downside, Gambardella tells investors in a research note. He keeps an Overweight rating on Alcoa.
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