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.
In the past 52 weeks, Alcoa share prices have been bracketed by a low of $6.14 and a high of $14.25 and closed yesterday at $9.28, 51% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.
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.
Potential upside of 31.8% exists for Alcoa, based on a current level of $9.28 and analysts' average consensus 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