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Why Alcoa Shares Look Undervalued
Edited by : AL CIRCLE
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Alcoa (AA: NYSE) By Credit Suisse ($15.85, July 15, 2011)
With this note, Richard Garchitorena is assuming primary coverage of Alcoa.
Our prior rating (Outperform) remains unchanged. We continue to believe Alcoa (ticker: AA) shares are undervalued given current aluminum prices, which we believe are sustainable at current levels.
Given our positive house view on global industrial-production trends through the fourth quarter and into 2012, we view Alcoa as a more defensive way to play an economic recovery.
With this note, Richard Garchitorena is assuming primary coverage of Alcoa.
Our prior rating (Outperform) remains unchanged. We continue to believe Alcoa (ticker: AA) shares are undervalued given current aluminum prices, which we believe are sustainable at current levels.
Given our positive house view on global industrial-production trends through the fourth quarter and into 2012, we view Alcoa as a more defensive way to play an economic recovery.
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