Boston, MA 01\/23\/2014 (wallstreetpr) – Alcoa Inc (NYSE:AA) surged up its highest in the last three months after JP Morgan Chase & Co. (NYSE:JPM) increased its earnings estimates. The bank raised its full year earnings projections by almost twice for the largest U.S. aluminum manufacturer, as expectations suggested a tougher supply for the metal on a global scale.<\/p>\n
Alcoa\u2019s shares have climbed by 34% in the previous year on Jan 21 the shares increased by 6.7%, making it reach the $12.12 level in New York in the pre noon session. This was the highest after the company gained its highest intraday of as much as 7.6% on October 22, 2013.<\/p>\n
From neutral to outperform<\/b><\/p>\n
JPMorgan increased the estimates of Alcoa\u2019s per share earnings for the present year from 40 cents to 78 cents. The bank raised its rating on the company from hold to buy equivalent. According to the note from New York based analyst Michael Gambardella, issued on Tuesday, JPMorgan enhanced its 12 month price target on Alcoa from $9 per share to $15 a share. This indicates a 32% increase after the company\u2019s close on Friday. JPMorgan\u2019s upgrade of Alcoa from neutral to outperform has led the aluminum manufacturer surge 60% up from its 52 weeks low.<\/p>\n
On Jan 17 earlier, JPMorgan\u2019s global commodities research team had decreased its expectation of primary aluminum supply surplus for this year by 46%. The estimate was brought down to 435,000 tons, which means a cut down of 364,000 tons. This is on account of the probability of fall in the metal exports from China, the largest consumer of aluminum in the world, as reported in the note.<\/p>\n
Alcoa: rising higher<\/b><\/p>\n
Alcoa has already been cutting down on its smelting business by closing down its last two smelting failities at its Massena East facility in northern New York State. The company is generating a lot of revenue but gaining little. However, with the airline industry in full boom and with the automobile makers moving towards aluminum instead of steel, the company is promising to rise only higher.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 01\/23\/2014 (wallstreetpr) – Alcoa Inc (NYSE:AA) surged up its highest in the last three months after JP Morgan Chase & Co. (NYSE:JPM) increased […]<\/p>\n","protected":false},"author":2,"featured_media":13803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[2832,1655,966,603],"stock_ticker":[],"class_list":["post-13802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-alcoa-inc-nyseaa","tag-jp-morgan-chase-co-nysejpm","tag-nyseaa","tag-nysejpm","entry"],"acf":[],"yoast_head":"\n