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Alcoa Inc (NYSE: AA) is benefiting as growing global demand for aluminum outpaces production, an analyst said Tuesday.
The automotive, aerospace, packaging and construction industries are clamoring for more aluminum, suggesting a rosy outlook for the world's dominant producer of the metal, Tigress Financial Partners Philip Van Deusen said in a note.
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Van Deusen launched coverage on both the New York-based Alcoa as well as the smaller Kaiser Aluminum Corp. (NASDAQ: KALU) with Buy ratings.
Alcoa's recent focus on expanded manufacturing while de-emphasizing its lower-margin "upstream" businesses will result in higher profits over the "mid-to longer term," Van Deusen said.
The company recently paid $2.85 billion to acquire airliner component maker Firth Rixson in an example of targeting higher-margin products, Van Deusen said.
In the meantime, the U.S. auto industry plans to boost aluminum content per vehicle by a factor of 10 by 2025 is gravy for Alcoa.
Kaiser stands to benefit similarly from the automotive trend, while rising air travel and growing aluminum content of airliners will ensure additional demand.
Shares of Kaiser and Alcoa were little changed in afternoon trading Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.