UBS raised the firm’s price target on Alcoa to $40 from $38 and keeps a Buy rating on the shares. The firm sees downside risk to Q3 consensus, but upside to Q4 and 2024, the analyst tells investors in a research note. The sale of Alcoa’s 25.1% stake in the Ma’aden joint venture for $1.1B was a positive surprise, the firm says.
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