Alcoa (AA) has received backing for its Gallium project in Western Australia from Japan, Australia and the U.S., which could potentially drive further upside to base case estimates, Morgan Stanley tells investors in a research note. Morgan Stanley, which reiterates an Overweight rating and $42.50 price target on Alcoa shares, sees this unique opportunity in critical minerals as a positive development for Alcoa, but awaits feasibility results.
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