Argus analyst John Eade upgraded Arconic to Buy from Hold with a $38 price target after its announced spin-off of its Global Rolled Products businesses announced last week. The analyst notes that the management has done a good job in setting and meeting expectations over the past two years and also sees its balance sheet as improved, adding that the current valuation on the stock of only 12-times its projected 2021 earnings undervalues its prospects. Eade further notes that Arconic shares have traded in a bullish pattern of higher highs and lows since December 2018.