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Wells Fargo lifts Alcoa price target to $68 on easing Middle East energy risks

Wells Fargo logoWells Fargo
Sig1.58Sen+1.70Env0.00Soc0.00Gov0.00
Alcoa logoAlcoa
Sig0.95Sen+1.90Env0.00Soc0.00Gov0.00

Wells Fargo raised its price target for Alcoa to USD 68 from USD 64, citing improved comfort about the company’s exposure to Middle East energy costs. The bank points to easing pressure on smelting margins as the stock fell sharply, with alumina shipments of about 3.5 million tonnes per year to the region. Alcoa is also seeking growth via a USD 3.3 billion offer to acquire Alumina Limited.

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