Alcoa reinstated with a Neutral at JPMorgan

JPMorgan reinstated coverage of Alcoa with a Neutral rating with a price target of $36, up from $32, following a period of restriction. The firm sees limited near-term catalysts for aluminum pricing given “conflicting indicators” out of China, the U.S. election overhang, and the start of an interest rate cutting cycle. Markets will need to see evidence of more supportive China industrial activity and inventory draws to drive the next leg up in pricing, which could take well into 2025, the analyst tells investors in a research note.