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Fly News Breaks for March 4, 2020
AA
Mar 4, 2020 | 07:08 EDT
BofA analyst Timna Tanners upgraded Alcoa to Neutral from Underperform following the 56% drop in share price over the past 12 months suffered by the stock. However, Tanners lowered the firm's price target on Alcoa shares to $15 from $20 to reflect lower aluminum forecasts in BofA metal strategists' marked to market commodity price forecasts. Tanners thinks investors will start to anticipate "sharp" Chinese stimulus in response to economic slowdown that has been driven by the COVID19 outbreak, the analyst added.
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