Alcoa upgraded to Buy from Neutral at BofA

BofA upgraded Alcoa to Buy from Neutral with a price target of $52, up from $43. The firm is rolling its valuation basis forward a year and “fully capturing” the BofA commodities team’s “bullish” aluminum price outlook for 2025 and 2026, the analyst tells investors. Alcoa should benefit from stronger alumina prices, the precursor to aluminum, and “uniquely benefits” as the largest third-party producer, the firm says.