Jefferies Gives Buy Rating, $12 PT to Alcoa

In a company note issued earlier today, Jefferies & Company, Inc. gave a Buy rating and $12 price target to Alcoa Inc.

, despite the aluminum producer's disappointing results from last quarter. Jefferies went on to say in the report “That said, the stock does appear to have found a floor near $10. And, as the U.S. recovery continues to gather momentum we believe Alcoa shares can trade modestly higher this year. But, we are unlikely to raise our $12 target until Alcoa's free cash flow meaningfully improves. We don't expect that until 2013.” Alcoa Inc. closed yesterday at $9.32.