Alcoa Corporation (NYSE:AA) reported better-than-expected earnings for the third quarter on Wednesday.
The company reported third quarter sales of $2.904 billion, missing the consensus of $2.967 billion. Adjusted EPS of 57 cents exceeded the consensus of 28 cents.
Alcoa maintains its 2024 Alumina segment production forecast at 9.8 to 10 million metric tons while increasing its shipment projection to 12.9 to 13.1 million metric tons, up by 0.2 million metric tons from the prior forecast due to higher trading volumes.
Alcoa President and CEO William F. Oplinger said, "We gained flexibility after closing the Alumina Limited acquisition and announced the sale of our interest in the Ma'aden joint ventures."
Alcoa shares fell 3.5% to trade at $40.60 on Thursday.
These analysts made changes to their price targets on Alcoa following earnings announcement.
- B. Riley Securities analyst Lucas Pipes upgraded Alcoa from Neutral to Buy and raised the price target from $41 to $50.
- BMO Capital analyst Katja Jancic maintained the stock with a Market Perform and raised the price target from $42 to $45.
- JP Morgan analyst Bill Peterson maintained Alcoa with a Neutral and raised the price target from $36 to $39.
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