In a report published Tuesday, Bank of America analyst Timna Tanners upgraded the rating on Alcoa Inc AA from Neutral to Buy, and raised the price target from $16.00 to $18.00.
In the report, Bank of America noted, “We upgrade Alcoa shares to Buy, noting: 1) a better cash flow outlook; 2) improved aluminum fundamentals; and 3) additional positive catalysts. With much of the costs related to closing high-cost operations now behind it and associated pension costs expected to also fall nearly $100M y/y, we expect FCF of $986B in 2015E and $1.3B in 2016E from an anticipated $288M in 2014E and $385M in 2013.”
Alcoa Inc closed on Monday at $15.93.
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