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AA

Alcoa

$29.03

0.63 (2.22%)

12:40
02/13/19
02/13
12:40
02/13/19
12:40

Alcoa attracts time spreads as a bullish position is adjusted

Alcoa attracts time spreads as a bullish position is adjusted. The stock up 70c to $29.10 and 20K Feb - Mar 30 call spreads trade 93c. The Feb 30 calls expire at the end of the week and the block today probably closes a position opened last month (10K for $1.05 on 1/4 and 10K for 68c on 1/25), while the March 30 calls open a new position, struck 3% above spot. Earnings last reported mid-January and not due again until April.

AA Alcoa
$29.03

0.63 (2.22%)

01/14/19
01/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Snap (SNAP) upgraded to Neutral from Sell at Citi with analyst Mark May saying Snap is down 70% since February 2018 and its current valuation is below Twitter (TWTR) and Facebook's (FB) current and four-year average multiple. 2. Northrop Grumman (NOC) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Spingarn saying the market was not kind to Northrop Grumman in 2018, with the stock trading down about 21% for the year and about 32% off its high in April. 3. Alcoa (AA) and Teck Resources (TECK) were upgraded to Buy from Neutral at Goldman Sachs. 4. Sherwin-Williams (SHW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Stephen East saying with the equity now trading at an 18.0 times PE multiple and the company growing 2019 EPS an estimated 17%-plus year over year, East believes investors appreciate the potential risks, but might not be appreciating the potential upside. 5. Emerson (EMR) upgraded to Neutral from Sell at Citi with analyst Andrew Kaplowtiz saying he continues to expect slowing growth before larger project activity begins to contribute. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/17/19
JPMS
01/17/19
NO CHANGE
Target $52
JPMS
Overweight
Alcoa price target lowered to $52 from $57 at JPMorgan
JPMorgan analyst Michael Gambardella lowered his price target for Alcoa to $52 saying that while the company reported "solid" Q4 results, the earnings beat came mainly from lower corporate expenses. The analyst reduced his estimates to reflect slightly lower 2019 bauxite, alumina and aluminum shipment guidance as well as higher energy costs. However, the risk/reward on Alcoa shares is attractive as alumina and aluminum prices do not have much further downside, Gambardella tells investors in a research note. He keeps an Overweight rating on Alcoa.
01/17/19
FBCO
01/17/19
NO CHANGE
Target $40
FBCO
Outperform
Alcoa price target lowered to $40 from $50 at Credit Suisse
Credit Suisse analyst Curt Woodworth lowered to $40 from $50 following quarterly results as his new valuation framework is now based on an "owned EBITDA" basis and adjusted for implied AWAC NAV. The analyst views the 2019 guidance as more or less in line with expectations and, while Alcoa still looks cheap on a SOTP NAV basis, he forecasts free cash flow generation of only $323M in 2019, suggesting little scope for big capital returns this year. Woodworth reiterates an Outperform rating on the shares.
01/17/19
BMOC
01/17/19
NO CHANGE
Target $45
BMOC
Outperform
Alcoa price target lowered to $45 from $50 at BMO Capital
BMO Capital analyst David Gagliano lowered his price target on Alcoa to $45 after the company's Q4 earnings, noting that while results came in "sequentially lower", they exceeded his forecasts thanks to "favorable corporate eliminations". The analyst also keeps his Outperform rating on Alcoa shares, noting the stock is "inexpensive considering the stage of the underlying pricing cycle" and anticipating the deficit to persist within the global supply/demand aluminum dynamics. Gagliano contends that the "combination of current low prices with the potential for a deficit-driven positive pricing recovery" makes Alcoa stock "one of the better risk/rewards" in his coverage.

TODAY'S FREE FLY STORIES

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INFN

Infinera

$4.87

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EPSN

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SSRM

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Biogen

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