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AA

Alcoa

$28.26

0.16 (0.57%)

08:34
12/19/18
12/19
08:34
12/19/18
08:34

Alcoa to curtail additional capacity at Aluminerie de Becancour Smelter

Alcoa announced that it will immediately begin to curtail half of the one operating potline at the Aluminerie de Becancour, or ABI, smelter in Quebec, Canada. The Becancour aluminum smelter, owned by Alcoa and Rio Tinto Alcan, has nameplate capacity of 413,000 metric tons per year, across its three potlines. Two of the facility's potlines were curtailed on January 11, 2018, after union members rejected a proposed labor agreement for hourly employees. Since the lockout, ABI's salaried employees have operated the one potline, performed maintenance, restored stability and improved metal quality. The additional curtailment, however, is necessary to ensure continued safety and maintenance in light of recent retirements and departures. The salaried employees who remain will continue to ensure that the smelter can be ready for a potential restart. The one operating line has a nameplate capacity of 138,000 metric tons per year, of which 103,000 metric tons represent Alcoa Corporation's ownership interest. This partial curtailment is expected to be complete by Friday, December 21, 2018. After extensive negotiations this year, ABI and the union have yet to reach an agreement on key terms to improve productivity and profitability. ABI's management remains committed to reaching a negotiated agreement.

AA Alcoa
$28.26

0.16 (0.57%)

10/09/18
MSCO
10/09/18
NO CHANGE
Target $57
MSCO
Overweight
Alcoa has 10% potential upside if tariffs replaced, says Morgan Stanley
Morgan Stanley analyst Piyush Sood noted that U.S. steel and aluminum tariffs were left in place under the USMCA agreement, but President Trump said they were only being left in place "until such time as we can do something that would be different, like quotas." Replacing U.S. import tariffs on Canadian aluminum with duty-free quotas could add about $150M to Alcoa's annual EBITDA, calculated Sood, who said that equates to about a 10% potential upside in the stock "that the market has so far ignored." The analyst, who sees Alcoa's Q3 results coming in ahead of expectations, keeps an Overweight rating and $57 price target on the shares.
10/18/18
JPMS
10/18/18
NO CHANGE
Target $79
JPMS
Overweight
Alcoa price target raised to $79 from $75 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Alcoa to $79 saying the company last night reported a "solid Q3 beat" and continues to operate well in "turbulent" alumina and aluminum markets. With a $200M buyback program announced, the analyst thinks Alcoa will use its cash going forward for repurchases and to continue to reduce its debt and pension obligations. He believes the stock price is "discounting too steep of a drop in alumina and aluminum prices." Gambardella keeps an Overweight rating on Alcoa.
10/18/18
FBCO
10/18/18
NO CHANGE
Target $58
FBCO
Outperform
Alcoa too cheap to ignore, says Credit Suisse
Credit Suisse analyst Curt Woodworth believes Alcoa is "significantly undervalued" and thinks the strong operating performance in Q3 and continued tightness in alumina set the stage for meaningful earnings revisions across the Street. The analyst reiterates an Outperform rating and $58 price target on the shares.
10/18/18
BMOC
10/18/18
NO CHANGE
Target $75
BMOC
Outperform
Alcoa remains 'meaningfully undervalued', says BMO Capital
BMO Capital analyst David Gagliano kept his Outperform rating and $75 price target on Alcoa after its Q3 earnings beat and additional $200M stock buyback, maintaining his view that the shares are "meaningfully undervalued" even under the "risk-off" environment assumptions. The analyst notes that the company's earnings beat was driven by its aluminum segment profitability thanks to the strong contributions from energy and flat-rolled products. Gagliano also contends that there is a disconnect between Alcoa valuation multiples typically seen at the peak of the underlying pricing cycle and its compressed marginal cost prices.

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