#4 - Alcoa (NYSE:AA)
Alcoa Corp. (NYSE: AA) stock is up 22% in 2024 and 65% in the three months ending June 10, 2024. That’s not the kind of performance you normally expect from a materials stock. The reason for the growth is the strength of the aluminum market, which is key to the infrastructure boom supported by billions in federal government spending.
The Alcoa analyst forecasts on MarketBeat give AA stock a $35.04 price target, which is a 15% downside from its price on June 10, 2024. As MarketBeat analyst Gabriel Osorio-Mazilli pointed out, analysts are weighing the company’s reliance on the aerospace industry, specifically Boeing Corp. (NYSE: BA).
However, analysts are still signaling an upside for BA stock, which will likely have a halo effect for a company like Alcoa. That seems to be the opinion of Citigroup Inc. (NYSE: C) which boosted its price target from $32 to $50 on May 21, 2024.
About Alcoa
Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.
Read More - Current Price
- $46.45
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $45.25 (2.6% Downside)
