Aluminum and aluminum products producer Alcoa (NYSE:AA) was upgraded by Davenport Securities today.
The stock rating was raised from neutral to buy, with an $18 price target.
A Marketwatch report noted that analyst Lloyd O’Carroll said the company’s metals segment could benefit from stronger aluminum prices, and that its downstream products segments have increased profit margins.
The stock may also be buoyed by rising basic metals prices today.
Alcoa shares are trading up over 3.7% Monday.
Competitor Aluminum Corporation of China (NYSE:ACH) is trading up over .1%.
The DB Base Metals Fund (AMEX:DBB) is trading up .5%.
The SPDR S&P Metals & Mining ETF (AMEX:XME) is trading up about 2.5%, with top stocks in the Fund include Allied Nevada Gold (AMEX:ANV) and Royal Gold (NASDAQ:RGLD).
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