Alcoa Upgraded (AA)

Aluminum giant Alcoa

was upgraded this morning by Macquarie Research who said it expects the price of the metal to rise over the next several years. Aluminum prices have slumped 20 percent since their highs in April. Analyst Curt Woodworth noted that physical premiums for aluminum in Europe recently reached decade highs, suggesting the physical market remains tight. He believes the aluminum market is "more healthy than most investors realize". Woodworth raised his price target on Alcoa to $18 from $17, adding the stock is extremely undervalued. Shares of Alcoa are up 7 cents, or 0.62%, to $11.37 on the day. Over the last 52-weeks shares have traded between $8.70 and $17.60.