Alcoa still eyed warily at Cowen, even as it lifts estimate ahead of earnings

Alcoa (AA) will kick off earnings season when it releases its financial results after the close tomorrow, and Cowen analysts say they remain cautious on the stock given the fundamental weakness in the aluminum market while seeing the company as well positioned to take advantage of the secular growth in both the aerospace and automotive markets.

AA has removed a lot of cost from the business, providing it with efficiencies once the market improves, Cowen says even as it keeps its Market Perform rating and $12 price target on the shares and slightly raises its Q2 EPS estimate to $0.13 from $0.12.

AA fell 1.6% today ahead of tomorrow's report.

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