This aluminum producer's shares can rally nearly 50%, JPMorgan says

JPMorgan is bullish on aluminum producer Alcoa shares as the commodity's outlook becomes more positive. The bank initiated coverage on Alcoa with an overweight rating and a price target of $54, which implies shares rallying more than 49% from Friday's close.

The outlook also looks promising for its proprietary, zero-carbon Elysis smelting technology, which eliminates all scope 1 emissions associated with aluminum smelting, instead emitting pure oxygen as a byproduct," said Peterson. The analyst added that Alcoa will further set itself apart in terms of carbon-efficiency when initial commercial use of Elysis begins in 2024.

Source: Tech Daily Report (techdailyreport.net)

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