AA - Alcoa's Profitability Program Reaping Results - Analyst Sees Tailwinds From Lagged Alumina Pricing | Benzinga
B Riley Securities analyst Lucas Pipes maintains Alcoa Corporation (NYSE:AA) with a Neutral rating, raising the price target from $39 to $43.
According to the analyst, Alcoa is highly focused on closing the Alumina Limited acquisition immediately, which appears to be comfortably on pace for the August 1 target.
For the operating footprint, the company has made strides in its profitability improvement program, with a $350 million run-rate achieved to date and $295 million left to achieve over the second half of the year and 2025.
According to the analyst, final bids are being collected for a potential San Ciprian sale, but “hard decisions” are still expected if a sale or asset optimization is unsuccessful.
Pipes writes that investors ...