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Fly News Breaks for May 2, 2019
May 2, 2019 | 06:11 EDT
Goldman Sachs analyst Matthew Korn upgraded Arconic to Buy from Neutral and raised his price target for the shares to $26 from $21. The new information provided with the company's Q1 report is positive for the stock, Korn tells investors in a research note. These include an increase in Arconic's full-year earnings and free cash flow outlook, an accelerated cost savings goal, margin expansion targets, an earnings confidence interval for Boeing 737 MAX build rate uncertainty, and a timeline for the company's planned split into two entities next year, says the analyst. He believes Arconic has gone a long way toward providing "strategic clarity."
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