BUZZ-Alcoa slips after J.P. Morgan downgrades to 'underweight'
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Alcoa's shares fell 3.4% to $60.61 after J.P. Morgan downgraded the stock to 'underweight' from 'neutral'. The brokerage noted a nearly 15% rise in January inventory levels in China and indicated that Chinese buyers are resisting higher prices, leading to weakened demand. J.P. Morgan forecasts aluminum surpluses in FY26/27 due to new Indonesian supply but raised the price target to $50 from $45. Currently, eight of 14 brokerages rate Alcoa as 'buy' or higher, with a median price target of $47.
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