Analyst Comments

Since breaking out of a trading range back in October 2013, Alcoa (AA) has been a strong performer gaining over 50%.  With the stock trading around $9.24, Goldman Sachs upgraded AA to Buy with an $11 price target on 11/25/13 and later upped that target to $12 which AA reached in less than 2 months.

This action has prompted Goldman Sachs to review AA again and instead of going to a Neutral, they are upping their price target once again this time to $15.

We agree with Goldman that it appears AA has more left in the tank but it may need more time to consolidate and set-up a pattern to break from.  In the short term we will be watching the MACD to see if it can recycle toward the zero line as well as the 50 day SMA to see if it acts as support or if it is violated.  Ultimately we believe a bullish pattern will present itself and we will see AA reach new highs.  If longs were taken here we would be using a stop below the recent lows on 2/10/14 of $10.83.

Alcoa (AA) (click to expand)

The rest of the Analyst ratings for 2/11/14:

Upgrades 2/11/14

Downgrades 2/11/14

Initiations 2/11/14

Price Target Changes 2/11/14