Upgrade Alert for Alcoa (AA)
Alcoa (NYSE:AA) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $9.28 on volume of 20.3 million shares, below average daily volume of 28.0 million.
Over the past year, Alcoa has traded in a range of $6.14 to $14.25 and closed yesterday at $9.28, 51% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.
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.
There is potential upside of 31.8% for shares of Alcoa based on a current price of $9.28 and an average consensus analyst price target of $12.23. The stock should find resistance at its 50-day moving average (MA) of $9.84, as well as support at its 200-day MA of $9.19.
SmarTrend is monitoring the recent change of momentum in Alcoa. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Alcoa in search of a potential trend change.
Keywords: analyst upgrades/downgrades Alcoa