Davenport upgraded Alcoa (NYSE:AA) from Neutral to Buy a week ago. Alcoa shares are selling at $11.86, 5.8% above the $11.21 price point of one week ago.
A 49.0% potential upside exists for Alcoa, based on a current level of $12.13 and analysts' average consensus price target of $18.08. The stock should run into initial resistance at its 50-day moving average (MA) of $14.27 and subsequent resistance at its 200-day MA of $15.60.
Alcoa Inc. produces primary aluminum, fabricated aluminum, and alumina, and participates in mining, refining, smelting, fabricating, and recycling. The Company serves customers worldwide primarily in the transportation, packaging, building, and industrial markets with both fabricated and finished products.
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