Analyst: Alcoa Stock Sports Strong Setup

AA could see more upgrades soon if the stock continues to outperform

Jake Scott

Deputy Editor

Apr 22, 2024 at 10:10 AM

Alcoa Corp (NYSE:AA) stock is up 1.7% to trade at $35.86 this morning, after Morgan Stanley issued an upgrade to "equal weight" from "underweight," to go with a price-target hike to $36.50 from $28.50. The analyst in coverage praised the aluminum producer's risk-reward backdrop, profitability, and potential upside stemming from the Inflation Reduction Act.

Alcoa stock has spent most of April trading in a tight range, with its 20-day moving average containing any serious pullbacks. If the shares can ever get above $38, a bull flag pattern on the charts will have formed.

Despite adding 51.2% over the last six months and boasting a 6.4% year-to-date lead, the majority of analysts are bearish on AA. Of the 11 covering brokerages, seven rate the equity a "hold" or worse, which leaves it open to more bull notes.

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