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AA

Alcoa

$27.35

-0.34 (-1.23%)

09:45
04/18/19
04/18
09:45
04/18/19
09:45

Alcoa price target lowered to $40 from $45 at BMO Capital

BMO Capital analyst David Gagliano lowered his price target on Alcoa to $40 after its Q1 earnings miss, saying that the results were weighed down by the 20% sequential decline in alumina prices. The analyst also lowers his FY19 EPS view by $1.01 to 78c on lower price assumptions but keeps his Outperform rating longer term, saying the stock offers a "favorable risk/reward for exposure to aluminum that is poised to rebound over the next 12 months."

  • 08

    May

AA Alcoa
$27.35

-0.34 (-1.23%)

04/03/19
BOFA
04/03/19
DOWNGRADE
BOFA
Neutral
Alcoa downgraded to Neutral from Buy at BofA/Merrill
04/03/19
04/03/19
DOWNGRADE
Target $31

Neutral
Alcoa downgraded to Neutral on lower prices at BofA/Merrill
As previously reported, BofA/Merrill downgraded Alcoa to Neutral from Buy and slashed its price target to $31 from $45. The global commodities team cut its aluminum price forecast by 5.4% for 2019 and 6.2% for 2020, for an average of $1,915/ton in 2019 and $1,900/ton in 2020, saying Chinese exports will cap potential price gains. Based on new forecasts, analyst Timna Tanners now sees limited free cash flow payments by Alcoa to upstream AWAC joint-venture partner Alumina Ltd, potential excess alumina/bauxite supply, and potential price risks from the Alunorte refinery restarting, the world's largest refinery.
04/03/19
04/03/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Caterpillar (CAT) downgraded to Hold from Buy at Deutsche Bank with analyst Chad Dillard saying the biggest risk to the bull case for Caterpillar is if its backlog growth turns negative, "and it is becoming increasingly clear that it will within this next quarter." 2. Dunkin' Brands (DNKN) downgraded to Market Perform from Outperform at BMO Capital with analyst Andrew Strelzik saying that while he remains positive on the company's underlying fundamentals over the long term, he sees risk/reward at current levels as "less persuasive." 3. Tallgrass Energy (TGE) downgraded to Neutral from Buy at Goldman Sachs with analyst Michael Lapides citing the stock's recent outperformance and also warns that its Rockies Express Pipeline natural gas pipeline and Pony Express crude oil pipeline contract roll-offs pose "overhangs," even though the "volume growth out of Bakken, Niobrara, and Powder River Basin could offset this over time." 4. Walgreens Boots Alliance (WBA) downgraded to Hold from Buy at Loop Capital with analyst Andrew Wolf citing the company's disappointing Q2 earnings and FY19 guidance announced yesterday "driven by significantly lower-than-forecasted gross margin resulting from increased pharmacy reimbursement rate pressure in the U.S." 5. Alcoa (AA) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners saying she now sees limited free cash flow payments by Alcoa to upstream AWAC joint-venture partner Alumina Ltd, potential excess alumina/bauxite supply, and potential price risks from the Alunorte refinery restarting, the world's largest refinery. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/18/19
JPMS
04/18/19
NO CHANGE
Target $52
JPMS
Overweight
Alcoa estimates and price target lowered at JPMorgan
JPMorgan analyst Michael Gambardella reduced his estimates for Alcoa to reflect lower earnings estimates for the company's Aluminum segment. However, Gambardella expects Alcoa's earnings to "take a step up" in the second half of 2019 and believes its efforts to improve operational performance and optimize its portfolio should continue to drive value this year and next. He lowered his price target for the shares to $52 from $60 but keeps an Overweight rating on the name. Gambardella does not see much further downside in alumina or aluminum prices, which he says creates an attractive risk/reward for Alcoa shares.

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