Aluminum Stock Pops on Analyst Upgrade

The stock is up 10% since the start of the year

Deputy Editor
Feb 22, 2023 at 10:55 AM
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Alcoa Corp (NYSE:AA) stock is up 4.6% at $50.16 at last glance, after Citigroup upgraded the shares to "buy" from "neutral," with a price-target hike to $65 from $55. The firm noted the aluminum name's relatively low debt and strong liquidity, as well as a potential boost amid China's reopening. 

On the charts, AA is making its way higher after this month's slide. Year-to-date, the equity is up 10%. Long-term pressure lingers above at the $55 level, however, as well as the 20-day moving average.

Of the 14 analysts in coverage, six now carry a "buy" or better rating on AA, while eight say "hold." Plus, the 12-month consensus price target of $55.64 is an 11.3% premium to current levels. 

Options bulls are chiming in, with 9,093 calls across the tape so far, or double the intraday average volume, compared to 4,616 puts. Most popular is the weekly 2/23 54-strike call.

Now could be a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per Alcoa stock's Schaeffer's Volatility Index (SVI) of 52%, which sits in the low 9th percentile of its annual range. 


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