Fly News Breaks for December 17, 2019
Dec 17, 2019 | 05:06 EDT
BMO Capital analyst David Gagliano downgraded Alcoa to Market Perform from Outperform with a price target of $23, down from $25. The analyst says BMO's reduced aluminum price forecasts for the entirety of the aluminum supply chain leave "little incremental upside potential" moving forward in the underlying price forecasts. With Alcoa shares highly sensitive to underlying price forecasts, there are limited price-related catalysts to push the stock higher in 2020, Gagliano tells investors in a research note.
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