Alcoa extends sharp drop as Wolfe downgrades [Seeking Alpha]
Alcoa Corporation (AA)
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Source: Seeking Alpha
Alcoa extends sharp drop as Wolfe downgradesSep. 22, 2022 11:24 AM ETAlcoa Corporation (AA)By:Carl SurranSA News Editor1 CommentSean Gallup/Getty Images NewsAlcoa (NYSE:-4.1%lowest in a year and a halfResearch analyst Timna Tanners downgraded Alcoa () on Thursday to Peer Perform from Outperform without a price target, saying macro factors have "crushed the aluminum bull case."The analyst cut 2022 and 2023 aluminum forecast "on challenges that led to a global surplus rather than deficits."Tanners noted that China's production rose 2.6% Y/Y in the January-August period but exports rose 31% YTD amid lockdowns and a faltering property sector, apparently with limited government appetite to bail out the property market.Further threats include high global energy costs hurting demand, rising global interest rates, and Russia dumping supply on the London Metal Exchange, Tanners said.bullish analysis newly published on Seeking Alpha
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News
- Forging Market Projected To Witness Substantial Growth, 2024-2031 [Yahoo! Finance]Yahoo! Finance
- Alcoa Schedules First Quarter 2024 Earnings Release and Conference CallBusiness Wire
- More from CNN [CNN]CNN
- More from CNN [CNN]CNN
- Alcoa (AA) Increases Despite Market Slip: Here's What You Need to Know [Yahoo! Finance]Yahoo! Finance
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