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Fly News Breaks for January 17, 2019
AA
Jan 17, 2019 | 08:16 EDT
Credit Suisse analyst Curt Woodworth lowered to $40 from $50 following quarterly results as his new valuation framework is now based on an "owned EBITDA" basis and adjusted for implied AWAC NAV. The analyst views the 2019 guidance as more or less in line with expectations and, while Alcoa still looks cheap on a SOTP NAV basis, he forecasts free cash flow generation of only $323M in 2019, suggesting little scope for big capital returns this year. Woodworth reiterates an Outperform rating on the shares.
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