Alcoa draws downgrade from Citi on aluminum prices

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Alcoa draws downgrade from Citi on aluminum prices
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Alcoa undefined shares on Friday fell 0.7% in premarket trades as the stock extended a big loss of 16.9% in regular trades on Thursday. Citigroup analyst...

Alcoa shares on Friday fell 0.7% in premarket trades as the stock extended a big loss of 16.9% in regular trades on Thursday. Citigroup analyst Alexander Hacking on Thursday downgraded Alcoa to neutral from buy and kept his target price at $84 a share."Alcoa seems fairly valued against this backdrop pricing in around $2,800 aluminum price in the middle of spot and Citi's long term price of $2,500," Hacking said.

Alcoa AA shares on Friday fell 0.7% in premarket trades as the stock extended a big loss of 16.9% in regular trades on Thursday. Citigroup analyst Alexander Hacking on Thursday downgraded Alcoa to neutral from buy and kept his target price at $84 a share."Alcoa seems fairly valued against this backdrop pricing in around $2,800 aluminum price in the middle of spot and Citi's long term price of $2,500," Hacking said.

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