23 AUGUST 2011china aluminium network
Alcoa's Got Mettle
Edited by : AL CIRCLE
1 min read
Alcoa shined Monday as investors cheered an analyst upgrade of the aluminum giant's stock.
Before Monday's opening bell, Davenport & Company analyst Lloyd O'Carroll and his team upgraded Alcoa (ticker: AA) from Neutral to Buy, and established an $18 price target for the stock, which represents more than 60% upside from Friday's closing price.
O'Carroll wrote that he now sees "more upside than downside for aluminum prices (even with all the negative sentiment in the financial markets)," which should boost the stock.
Investors agreed with the call, sending Alcoa shares up 0.5% to $11.26 in midday trading (after trading as high as $11.79 in the morning). We think the market will continue to take a shine to Alcoa's prospects.
Before Monday's opening bell, Davenport & Company analyst Lloyd O'Carroll and his team upgraded Alcoa (ticker: AA) from Neutral to Buy, and established an $18 price target for the stock, which represents more than 60% upside from Friday's closing price.
O'Carroll wrote that he now sees "more upside than downside for aluminum prices (even with all the negative sentiment in the financial markets)," which should boost the stock.
Investors agreed with the call, sending Alcoa shares up 0.5% to $11.26 in midday trading (after trading as high as $11.79 in the morning). We think the market will continue to take a shine to Alcoa's prospects.
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