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Arconic downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Emily Chieng downgraded Arconic to Sell from Neutral with a price target of $21, down from $23. The analyst continues to see downside risk to consensus EBITDA forecasts in 2024 and 2025 following the Q4 results. The firm lower forecasts by 6% on average over the next three years, underpinned by risk to demand in the near-term, particularly building and construction markets in Europe, operational execution and the delayed realization of EBITDA uplift from growth projects. It says near-term European demand uncertainty and Arconic’s delayed growth investments "moderate the path for EBITDA inflection."

Published first on TheFly

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