Sterne Agee Reiterates Buy Rating for Alcoa (AA)
Alcoa (NYSE:AA)‘s stock had its “buy” rating reaffirmed by analysts at Sterne Agee in a research report issued to clients and investors on Friday. They currently have a $18.00 target price on the stock, up from their previous target price of $15.00. Sterne Agee’s price objective indicates a potential upside of 20.48% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at BMO Capital Markets upgraded shares of Alcoa from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 12th. They now have a $14.00 price target on the stock, up previously from $10.00. Separately, analysts at Bank of America upgraded shares of Alcoa from an “underperform” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $14.00 price target on the stock, up previously from $9.50. They noted that the move was a valuation call. Finally, analysts at Northcoast Research initiated coverage on shares of Alcoa in a research note on Friday, May 9th. They set a “buy” rating and a $17.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $14.17.
Shares of Alcoa (NYSE:AA) opened at 14.94 on Friday. Alcoa has a one year low of $7.63 and a one year high of $15.18. The stock’s 50-day moving average is $13.92 and its 200-day moving average is $12.27. The company’s market cap is $17.514 billion. Alcoa also saw a significant decline in short interest in the month of May. As of May 30th, there was short interest totalling 67,172,239 shares, a decline of 11.6% from the May 15th total of 76,002,433 shares. Based on an average daily volume of 13,161,801 shares, the short-interest ratio is presently 5.1 days. Currently, 5.7% of the shares of the company are sold short.
Alcoa (NYSE:AA) last released its earnings data on Tuesday, April 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. Analysts expect that Alcoa will post $0.46 EPS for the current fiscal year.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
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