Alcoa price target lowered at Argus, weakness offers buying opportunity

Argus lowered the firm’s price target on Alcoa (AA) to $43 from $48 and keeps a Buy rating on the shares. Alcoa is a well-run company with a long track record in its industry, and while the near-term environment has seen challenges, the firm looks for management to return the company to sustainable revenue and earnings growth, the analyst tells investors in a research note. Aluminum prices appear to be normalizing, earnings in future quarters look more optimistic, and the firm views the recent weakness in shares offering a buying opportunity.