Morgan Stanley cut price targets in the Metals & Mining sector by 33% on average and lowered earnings estimates on lower pricing estimates. The firm cut price targets on Overweight rated Freeport McMoRan (FCX) to $18 from $28 and Alcoa (AA) to $14 from $16, Equal Weight rated Teck Resources (TCK) to $9 from $16, and Underweight rated Century Aluminum (CENX) to $5 from $8.
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B. Riley analyst Lucas Pipes raised the firm's price target on Alcoa to $31 from $25 and keeps a Neutral rating on the shares following the Q1 report. Compared to estimates, aluminum shipments were stronger and third-party alumina shipments also came in better, the analyst tells investors in a research note. The firm increased estimates on higher London Metal Exchange pricing.