The bank upgraded shares to buy from neutral, saying Alcoa is about to get a boost from the world's second largest economy.
There's a buying opportunity in shares of aluminum producer Alcoa now that China is reopening, according to Citi. Analyst Alexander Hacking upgraded shares to buy from neutral, saying that aluminum is "the next leg of the China reopening trade.
Hacking raised his price target to $65, up from $55 previously. The aluminum stock added more than 1% in Wednesday premarket trading. For Alcoa, the macro outlook is growing more positive at a time when the stock is "relatively out of favor with investors," as they focus more on other China reopening beneficiaries such as copper and coal, the analyst said. Shares are up more than 5% this year, slightly outperforming the S & P 500, which is up 4%.
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