13 JULY 2011http://www.benzinga.com/
Morgan Stanley Maintains Overweight on Alcoa
Edited by : AL CIRCLE
1 min read
Morgan Stanley is out with its report today on Alcoa (NYSE: AA), maintaining Overweight.
In a note to clients, Morgan Stanley writes, "Alcoa's 2Q revenues beat our estimate; earnings were in-line on cost pressure. Downstream contributed ~45% of earnings and alumina pricing remained above historical trend, benefitting from improving spot exposure. This supports our thesis on AA, our preferred defensive play."
Morgan Stanley maintains a $22 PT on AA.
At the time of posting, shares of AA were trading pre-market at $15.85, down 0.38% from Monday's close.
In a note to clients, Morgan Stanley writes, "Alcoa's 2Q revenues beat our estimate; earnings were in-line on cost pressure. Downstream contributed ~45% of earnings and alumina pricing remained above historical trend, benefitting from improving spot exposure. This supports our thesis on AA, our preferred defensive play."
Morgan Stanley maintains a $22 PT on AA.
At the time of posting, shares of AA were trading pre-market at $15.85, down 0.38% from Monday's close.
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