ARNC - Arconic downgraded to Sell at Goldman Sachs on uncertainty in Europe

Arconic ( NYSE: ARNC ) on Tuesday was downgraded to Sell from an investment rating of Neutral by analysts at Goldman Sachs. They said the aluminum maker faces uncertain demand in Europe and delays in projects that aim to boost earnings.

“While we do expect an improvement in EBITDA in 2024 (primarily on price/volume improvements, and aerospace and automotive recovery), we take a more conservative view on the EBITDA potential given the company’s recent track record of operational execution and uncertainty in the macroeconomic outlook,” Emily Chieng, analyst at Goldman Sachs, said in a February 28 report.

Goldman Sachs lowered its earnings estimates for Arconic ( ARNC ) and cut its 12-month price target to $21 a share from $23 a share based on an enterprise value-to-EBITDA multiple of 6 times average EBITDA for 2023 to 2025.

Seeking Alpha contributor Insight Analytics rates Arconic ( ARNC ) as a Buy based on its growth prospects .

For further details see: