BofA lowered the firm’s price target on Alcoa (AA) to $28 from $33 and keeps an Underperform rating on the shares. The firm is refreshing its price forecasts for North American Metals & Mining stocks under its coverage, the analyst tells investors. The firm sees the macro backdrop as challenging due to China’s slowing commodity demand but notes this may be offset by a rebound in demand in U.S. and Europe.
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