Alcoa's stock drops after BofA Merrill Lynch turns bearish on aluminum price concerns, valuation [MarketWatch]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: MarketWatch
Alcoa's stock drops after BofA Merrill Lynch turns bearish on aluminum price concerns, valuation Shares of Alcoa Corp. AA, -3.83% dropped 4% in afternoon trading Wednesday, after Bank of America Merrill Lynch analyst Timna Tanners turned bearish on the aluminum products company citing a cautious view on aluminum pricing and valuation concerns. Tanners cut her rating to underperform from neutral, while keeping her stock price target at $21, which 2.1% below current levels. "Although aluminum prices rallied with base metals over the past month, partly boosted by hopes of a trade agreement, we remain cautious amid extra supply in China and more modest government-mandated winter shutdowns," Tanners wrote in a note to clients. "While some reports suggested alumina cuts in China, our colleagues noted excess supply risks." She said that stock has rallied 16% since the company reported third-quarter results on Oct. 16, after the company detailed a planned a review of its assets, while alum
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AA
Earnings
- 4/17/24 - Miss
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Sec Filings
- 5/2/24 - Form 10-Q
- 4/30/24 - Form DEFA14A
- 4/24/24 - Form DEFA14A
- AA's page on the SEC website