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Fly News Breaks for September 11, 2019
AA
Sep 11, 2019 | 06:47 EDT
Credit Suisse analyst Curt Woodworth upgraded Alcoa to Outperform from Neutral and raised his price target for the shares to $27 from $26. The analyst expects alumina prices to recover on "significant" capacity cuts in China, an end to inventory destocking, and the Alpart shutdown. Further, Alcoa's restructuring efforts should also drive "material tailwinds" to its mid-cycle free cash flow starting early 2020, Woodworth tells investors in a research note. He believes Alcoa shares appear "significantly undervalued on most metrics."
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