- Alcoa (NYSE:AA) +3.1% pre-market as BofA Merrill Lynch upgrades shares to Neutral from Underperform while lowering its stock price target to $15 from $20.
- BAML analyst Timna Tanners cites valuation, as shares are down 55% from a peak in April 2019 and closed yesterday at its lowest since March 2009.
- In addition to valuation, Tanners thinks investors may "start to anticipate a sharp Chinese stimulus" in response to the coronavirus, which could act as a positive catalyst for the stock.
- AA's average Sell Side Rating is Bullish, while both its Seeking Alpha Authors' Rating and Quant Rating are Neutral.