- The shares of Alcoa Corp (NYSE: AA) have received a $75 price target from Jefferies. These are the details.
The shares of Alcoa Corp (NYSE: AA) have received a $75 price target from Jefferies. And Jefferies analyst Christopher LaFemina increased the price target on Alcoa from $65 while maintaining a “Buy” rating on the shares.
LaFemina pointed out that the aluminum cost curve is rising and steepening due to increasing power prices. And though there is a risk of a pullback in shares after their recent strong rally — especially if the company has an earnings miss — LaFemina sees significant further upside to Alcoa shares this year as the company should benefit from a long-term period of high aluminum prices and better than expected free cash flow and capital returns.
Going forward, LaFemina said he would stay long and buy more on a dip.
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