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Alcoa Corp (NYSE:AA) reported last week its first-quarter results, with a slight revenue beat.
The company is making continuous progress in its cost saving measures, while it is poised for additional IRA (Inflation Reduction Act) benefits, according to Morgan Stanley.
The Alcoa Analyst: Carlos De Alba upgraded the rating for Alcoa from Underweight to Equal-Weight, while raising the price target from $28.50 to $36.50.
The Alcoa Thesis: The operational concerns witnessed through 2023 are large behind the company and it has made "solid progress" in the first quarter on cost reduction efforts "as part of an action plan that aims to generate a ~$645m annualized EBITDA uplift when completed in 2025," De Alba said in the upgrade note.
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"The current aluminum price environment has made the self-help measures easier to execute, in our view," the analyst wrote. He added that the Western Australia (WA) authorities had provided some clarity around the bauxite operations, "removing the uncertainty around these mines."
"Further, the company may benefit from more Inflation Reduction Act tax credits for aluminum if the credits are expanded to include raw materials," De Alba further stated.
AA Price Action: Shares of Alcoa had risen by 0.25% to $35.61 at the time of publication on Thursday.
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Posted In: AA
