Alcoa price target lowered to $64 from $71 at Wells Fargo

Wells Fargo lowered the firm’s price target on Alcoa (AA) to $64 from $71 and keeps an Equal Weight rating on the shares. Despite strong aluminum prices, higher-than-expected cash uses could continue to inhibit long-awaited shareholder returns, the firm says. Wells stays on the sidelines as value looks appropriate at spot prices. Land sales or a Canada carveout could be positive catalysts.