Freedom Capital analyst Vitaly Kononov upgraded Alcoa (AA) to Buy from Hold with a $45 price target The closure of the high-cost Kwinana refinery has “limited near-term impact” and the delayed restart of San Ciprian shifts shipments into Q4 and adds earnings volatility, but aluminum prices are trending higher on tightening supply, which leads the firm to upwardly revise its forecasts, the analyst tells investors.
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