The aluminum producer's shares rose 1% in midday trading Monday to $7.89, closing in on Goldman Sach's 6-month price target of $8.
Analysts from multiple firms have lowered their expectations for the company as the price of aluminum settled at $0.84 per pound. "We are shaving our 2Q estimate to $0.07
In its first-quarter, Alcoa reported an after tax income of $351 million. However, Citi bank expects operating income for the company to fall as low as $304 million this quarter. Citi sees revenue from engineered products dropping 10% to $169 million, and losing 2% of income from rolled products or $95 million in the third quarter. "
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