Alcoa initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Alcoa (AA) with an Overweight rating and $40 price target as part of a broader research note launching firm coverage on Mining names. The firm expects potential positive catalysts from the company’s upcoming late October investor day, including more detail on emerging technologies outlined at its prior investor day four years ago, an update on cash uses now that its balance sheet has hit management targets, and more detail on potential asset sales across five different locations, the analyst tells investors in a research note.