Alcoa to keep climbing on higher aluminum prices, J.P. Morgan says

Alcoa (AA +5.2%) continues its unlikely march higher, as J.P. Morgan predicts tightening aluminum markets and higher prices will boost earnings.

"Given the pace and amount at which premiums have recently increased, it is clearly difficult to forecast for how long they will remain near current levels which we believe provide a significant amount of earnings support to [Alcoa]’s primary aluminum smelting operations," the firm writes.

The firm upgrades AA shares to Overweight from Neutral with a $15 price target, up from $9, and raises Century Aluminum (CENX +5.3%) to Overweight from Underweight with a $13 target, up from $6.

Also: AWC +5.5%, KALU +0.5%, ACH +0.2%, NOR +4.5%.

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Comments (8)
  • deercreekvols
    , contributor
    Comments (9746) | Send Message
    Didn't JPM hoard aluminum in warehouses not too long ago?



    Oh what a tangled web we weave when first we practice to deceive.
    21 Jan 2014, 10:41 AM Reply Like
  • Ruffdog
    , contributor
    Comments (3699) | Send Message
    After the stock is up over 30%, JPM upgrades AA. A good research or brokerage co would have done it say after a 10% raise.
    21 Jan 2014, 10:47 AM Reply Like
  • leopardtrader
    , contributor
    Comments (3805) | Send Message
    A typical turnaround story one of my favourite picks. $17/18 no brainier. I trade and love turnaround..made real break from that
    21 Jan 2014, 11:05 AM Reply Like
  • Quoth the Raven
    , contributor
    Comments (2063) | Send Message
    Loaded AA on the earnings dip. Let's ride!
    21 Jan 2014, 12:39 PM Reply Like
  • jeepnsam
    , contributor
    Comments (54) | Send Message
    got in on $AA at 10.20 right before the auto show! NIIICE!!
    21 Jan 2014, 02:30 PM Reply Like
  • bluejays168
    , contributor
    Comment (1) | Send Message
    It is about time that AA has it turned around.
    21 Jan 2014, 02:34 PM Reply Like
  • FastmoneyLW
    , contributor
    Comments (37) | Send Message
    I got in a little late but I'll ride for a little while.
    21 Jan 2014, 05:33 PM Reply Like
  • freeman8201
    , contributor
    Comments (833) | Send Message
    (NASDAQ:CENX) is up!
    31 Jul 2014, 03:12 PM Reply Like
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