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Fly News Breaks for January 17, 2020
Jan 17, 2020 | 06:09 EDT
Deutsche Bank analyst Chris Terry upgraded Alcoa to Buy from Hold with a price target of $20.50, down from $21.50. The analyst says that while aluminum is not his preferred base metal like copper, and the company has struggled to generate cashflow, the stock "has become interesting on a number of fronts." On his forecasts, Alcoa's aluminum segment is set to inflect from $25M EBITDA in 2019 to over $500M in 2020. While the company's other segments are forecast to shrink, Alcoa will own a higher percentage of its overall EBITDA as opposed to EBITDA generated from the Alumina and World Chemicals joint venture, Terry adds.
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