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Fly News Breaks for August 7, 2019
ARNC
Aug 7, 2019 | 06:26 EDT
Barclays analyst David Strauss upgraded Arconic to Overweight from Equal Weight and raised his price target for the shares to $31 from $20. The company's pending split should unlock value relative to its current valuation, Strauss tells investors in a research note. Arconic's valuation is mostly unchanged despite a 40%-50% upgrade to expectations since the beginning of the year, says the analyst. His price target reflects a sum-of-the-parts analysis and not further costs savings or forecasted operational improvement that he thinks are likely.
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