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ARNC

Arconic

$26.53

0.12 (0.45%)

, AA

Alcoa

$33.66

-0.07 (-0.21%)

17:06
04/10/17
04/10
17:06
04/10/17
17:06

Elliott: Arconic can have brighter future with reconstituted board

Elliott Management, which manages funds that collectively beneficially own a 13.2% economic interest in Arconic Inc. (ARNC), today sent a letter to Arconic's shareholders responding to certain false and "misleading" statements made in the company's recent communications. Elliott said that the board's attempts to defend Alcoa (AA)/Arconic's shareholder returns under CEO Klaus Kleinfeld raise "troubling questions about whether it can distinguish good performance from poor performance." "We have previously shared with you conclusive data showing that Dr. Kleinfeld has underperformed against every relevant benchmark over any relevant time frame during his tenure," the letter reads. "Furthermore, it is important to note that while Elliott believes Mr. Lawson possesses the attributes that Arconic should be seeking in its next CEO and that he should be the leading candidate for the job, we are not pushing for Mr. Lawson to be the one and only CEO candidate. Elliott has called for the Board to form a search committee to look at other possibilities as well. The ultimate question before the Board and shareholders as it relates to the CEO role is really Kleinfeld or not Kleinfeld." Arconic added that "enough is enough" after nine years of underperformance and that a brighter future is possible and "can only be realized by a reconstituted Board whose independence from Dr. Kleinfeld will help set Arconic on a new, improved path of value creation."

ARNC

Arconic

$26.53

0.12 (0.45%)

AA

Alcoa

$33.66

-0.07 (-0.21%)

ARNC Arconic
$26.53

0.12 (0.45%)

02/02/17
JPMS
02/02/17
UPGRADE
Target $46
JPMS
Overweight
Alcoa upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Alcoa (AA) to Overweight saying the company, post the Arconic (ARNC) spin-off, is in a much better position to "weather weaker commodity price environments given the significant deleveraging of its balance sheet." Arconic absorbed most of Alcoa's consolidated debt, giving the latter "significant leverage" to recently rebounding alumina and aluminum prices, Gambardella tells investors in a research note. He raised his price target for Alcoa shares to $46 from $29.
02/10/17
FBCO
02/10/17
NO CHANGE
Target $33
FBCO
Outperform
Arconic price target raised to $33 from $27 at Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target for Arconic to $33 from $27 as he now incorporates more substantive cost reductions to account for more aggressive behavior from current management and the potential for more sizeable "shock therapy" if a new CEO is appointed following the annual meeting anticipated in early May. The analyst reiterates an Outperform rating on the shares.
03/29/17
COWN
03/29/17
INITIATION
Target $25
COWN
Market Perform
Arconic initiated with a Market Perform at Cowen
Cowen analyst Gautam Khanna initiated Arconic (ARNC) with a Market Perform rating and $25 price target, saying the bulls' contention that the 600-900bp margin gap between Arconic's EPS segment and competitor Precision Castparts (PCP) can be eliminated by replacing Arconic's CEO is unrealistic. The stock is not "cheap," even if management changes, Khanna argues.
03/31/17
LBOW
03/31/17
INITIATION
LBOW
Neutral
Arconic initiated with a Neutral at Longbow
Longbow analyst Christopher Olin initiated Arconic with a Neutral.
AA Alcoa
$33.66

-0.07 (-0.21%)

03/31/17
BMOC
03/31/17
UPGRADE
BMOC
Outperform
Alcoa upgraded to Outperform from Market Perform at BMO Capital
03/31/17
BMOC
03/31/17
UPGRADE
BMOC
Outperform
Alcoa upgraded on valuation, metal prices at BMO Capital
As noted earlier, BMO Capital upgraded Alcoa to Outperform from Market Perform. Analyst DavidGagliano upgraded Alcoa based on what he sees as "the recent disconnect" between "solid aluminum and alumina prices" and "soft Alcoa shares." He thinks that these trends have created "a solid buying opportunity." Target to $45 from $35.
03/31/17
03/31/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Owens Corning (OC) upgraded to Outperform from Neutral at Wedbush with analyst Al Kaschalk saying the company's second-half 2017 results should be helped by improving weather, rebounding inflation, improved housing and industrial markets versus last year, and recent major storms. 2. Alcoa (AA) upgraded to Outperform from Market Perform at BMO Capital with analyst David Gagliano citing what he sees as "the recent disconnect" between "solid aluminum and alumina prices" and "soft Alcoa shares." He thinks that these trends have created "a solid buying opportunity." 3. CME Group (CME) upgraded to Outperform from Underperform at RBC Capital with analyst Peter Lenardos saying he expects supportive volume levels with growth of 7% in 2017 versus consensus of 5% and benefits from regulatory tailwinds and tax policy. 4. ArcelorMittal (MT) upgraded to Overweight from Neutral at JPMorgan with analyst Roger Bell citing relative valuation. The analyst believes the company's higher U.S. exposure relative to European Steel peers will become an advantage over the remainder of the year. He raised his price target for the shares to EUR 10 from EUR 7.80. 5. CIBC (CM) upgraded to Neutral from Underperform at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/03/17
MSCO
04/03/17
NO CHANGE
Target $43
MSCO
Overweight
Alcoa downside limited, valuation attractive, says Morgan Stanley
Morgan Stanley analyst Evan Kurtz said shares of Alcoa are now pricing in 79c/lb aluminum compared to the 89c/lb spot, positioning shares to better withstand any potential commodity price weakness near-term. The firm's commodity team is looking for a modest decline to 84c/lb in 2017-2019 and rising to 90c/lb in 2020. Kurtz sees a favorable setup for Alcoa shares, where downside appears limited, while aluminum pricing is on a higher path longer-term, versus a more bearish view in the market. He said Chinese aluminum production during January-February was off of a low comp and expects the growth rate to slow down in coming months on limited capacity additions. Kurtz rates Alcoa an Overweight with a $43 price target.

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HPE

HP Enterprise

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HPE

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YUM

Yum! Brands

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18:37
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MAR

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18:32
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ESPGY

Esprit Holdings

$1.21

0.018 (1.51%)

18:29
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Conference/Events
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BA

Boeing

$256.04

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M

Macy's

$21.16

-0.32 (-1.49%)

18:18
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Conference/Events
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TAHO

Tahoe Resources

$5.60

0.02 (0.36%)

18:12
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ATKR

Atkore

$18.42

0.02 (0.11%)

18:11
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Conference/Events
Atkore management to meet with JPMorgan »

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YOGA

YogaWorks

$4.00

-0.04 (-0.99%)

, TXN

Texas Instruments

$86.05

0.22 (0.26%)

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Texas Instruments

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PSDO

Presidio

$13.95

-0.06 (-0.43%)

VSAR

Versartis

$21.60

-0.25 (-1.14%)

ASND

Ascendis Pharma

$27.74

-1.55 (-5.29%)

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FTR

Frontier Communications

$11.69

-0.31 (-2.58%)

18:10
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Frontier Communications operations in Florida return to near-normal levels »

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PLYA

Playa Hotels & Resorts

$10.66

-0.06 (-0.56%)

18:07
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Playa Hotels & Resorts reports no significant damage from Maria »

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ASND

Ascendis Pharma

$27.74

-1.55 (-5.29%)

, VSAR

Versartis

$21.60

-0.25 (-1.14%)

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Versartis

$21.60

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CE

Celanese

$103.90

-0.04 (-0.04%)

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DNOW

NOW Inc.

$12.98

0.1 (0.78%)

18:03
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Conference/Events
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  • 01

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JOBS

51job

$58.50

0.01 (0.02%)

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HES

Hess Corp.

$43.63

0.17 (0.39%)

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Conference/Events
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APC

Anadarko

$48.49

3.68 (8.21%)

17:43
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HCC

Warrior Met Coal

$23.28

-1.05 (-4.32%)

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MAA

MAA

$107.27

-0.03 (-0.03%)

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NOC

Northrop Grumman

$280.42

0.38 (0.14%)

17:31
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GD

General Dynamics

$205.72

1.45 (0.71%)

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AAN

Aaron's

$38.83

-0.39 (-0.99%)

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