JPMorgan Cuts Alcoa Rating Citing Peaking Aluminum Prices Despite Year-Long Rally
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JPMorgan has downgraded Alcoa's rating from neutral to underweight, despite a 74% rise in shares over the past year. The price target was raised to $50, indicating a potential 20% downside. Analyst Bill Peterson cites concerns over high valuations, rising Chinese aluminum inventories, and increased output from Indonesia as factors that could pressure prices. Additionally, uncertainties around trade policies and delayed improvements in ore grades further complicate the outlook. While Alcoa's performance has been strong, these issues raise questions about the sustainability of its recent rally.
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