Analyst Coverage Change
In a research note issued today, January 19th, (B. Riley#22) maintained their Hold Rating on Alcoa’s stock , and raised the 12 month target forecast to $42 from $41 per share.
Citigroup(#9) also lifted the target on the stock to $55 from $45, and maintained the Neutral rating.
Analyst Ranking
According to Stock Target Advisor, B. Riley is ranked #22 out of 426 firms in Stock Target Advisor’s database based on its median rating accuracy of +20.76%. Stock Target Advisor has given it an A grade, which is a high grade for it’s accuracy.
Citigroup is ranked #9 out of 426, based on its median rating accuracy of +19.7%. B. Riley receives a grade A+. The median target accuracy of Citigroup is -0.94% for its targets, while the median 12-month return on Citigroup’s buy/sell/hold rating is at +11.01%.
Alcoa Stock Analysis and Forecast
Based on the stock forecasts from 11 analysts, the average analyst target price for Alcoa Corp is USD 51.53 over the next 12 months. The average analyst rating for Alcoa Corp is Hold.
Stock Target Advisor’s own stock analysis of Alcoa Corp is Bullish, indicating that they believe the stock will perform better than the overall market. This analysis is based on 10 positive signals and 4 negative signals.
At the last closing, Alcoa Corp’s stock price was USD 53.45, the stock price has changed by +2.89% over the past week, indicating that the stock has gone up by 2.89% over the past 7 days. The stock price has also changed by +25.12% over the past month, indicating an increase in the stock price over the past 30 days. Furthermore, the stock price has changed by -10.99% over the last year, indicating a decline in the stock price over the past year.
Alcoa Earnings
Alcoa faced challenging market conditions throughout the year, including high costs for raw materials and energy and lower sequential pricing in the Alumina and Aluminum segments in the fourth quarter of 2022.
In the fourth quarter of 2022, Alcoa Corp generated revenue of $2.7 billion and recorded a net loss of $374 million, or $2.12 per share. However, when adjusted for certain items, the company’s net loss was $123 million, or $0.70 per share and Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $29 million. The company generated $118 million in cash from operations and paid a cash dividend of $0.10 per share of common stock, totaling $17 million. Alcoa Corp finished the fourth quarter with a cash balance of $1.4 billion.
