B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Alcoa Corp (AA) today and set a price target of $34. The company’s shares closed yesterday at $23.15, close to its 52-week low of $20.82.
Pipes observed:
“Yesterday after the close, Alcoa (AA) reported 2Q19 adjusted EBITDA of $455M, beating the consensus estimate of $436M while missing our estimate of $491M. Alcoa incurred $370M of restructuring and other charges related to asset divestments during the quarter, bringing its quarterly net loss on a GAAP basis to $402M. Compared to our estimates, the miss was driven by lower EBITDA than anticipated in the alumina segment, as average realized third-party prices of $376/Mt missed our estimate of $388/Mt. Alumina shipments during the quarter of 533K tons and average realized prices of $2,167/Mt were roughly in line with our estimates. Alcoa largely maintained its 2019 guidance, with the exception of tweaking its anticipated tax rate higher and slightly lower capital expenditure estimates.”
According to TipRanks.com, Pipes is a 1-star analyst with an average return of -0.9% and a 45.5% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Novagold Resources Inc New, and Covia Holdings Corporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Alcoa Corp with a $29.17 average price target, a 26.0% upside from current levels. In a report issued on July 3, BMO Capital also reiterated a Buy rating on the stock with a $35 price target.
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The company has a one-year high of $46.30 and a one-year low of $20.82. Currently, Alcoa Corp has an average volume of 3.4M.
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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.
