Argus upgrades Alcoa to Buy amid rising earnings on growing aluminum demand

As previously reported, Argus upgraded Alcoa (AA) to Buy from Hold with a $48 price target The firm notes that while aluminum prices are around the midpoint of their historical range, Argus sees future quarters’ earnings as “more optimistic” as global demand for aluminum reaches record highs, the analyst tells investors in a research note. Aluminum and copper should also benefit over the long term from growing consumption of lighter and more sustainable metals, Argus added.