Alcoa Upgraded to “Buy” at Deutsche Bank; Possible Comeback Play in 2011? (AA)

Filed in alcoa, dividend, Gold Investing, Gold Investment, o, shares, target, upgrade by on January 3, 2011 0 Comments

Aluminum producer Alcoa Inc. ( AA ) on Monday saw its rating and price target boosted by analysts at Deutsche Bank. The firm said it upgraded AA from “Hold” to “Buy” while boosting its price target from $14 to $22. That new target implies a 43% upside to the stock’s Friday closing price of $15.39. A Deutsche Bank analyst cited “growing optimism on both aluminum’s likelihood of higher prices and a belief that Alcoa has turned the corner from an operational point of view, which could spark a revaluation of its shares” for the move. Alcoa shares rose 48 cents, or +3.1%, in premarket trading Monday. The Bottom Line Shares of Alcoa ( AA ) have a .78% dividend yield, based on Friday’s closing stock price of $15.39. The stock has technical support in the $13 price area. If the shares can firm up, we see overhead resistance around the $17-$18 price levels. Alcoa Inc. ( AA ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

Read more from the original source:
Alcoa Upgraded to “Buy” at Deutsche Bank; Possible Comeback Play in 2011? (AA)

Tags: , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *