Morgan Stanley raised the firm’s price target on Alcoa (AA) to $37.50 from $35 and keeps an Overweight rating on the shares. The firm updated estimates to incorporate the latest company guidance, impact of U.S. 50% tariffs on aluminum and to mark to market commodity prices for Q2. Alcoa is taking several actions to increase productivity, reduce costs and optimize its asset portfolio, while the risks surrounding bauxite mining in Western Australia have declined, the analyst tells investors in a research note.
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