The firm said it upped its rating on the company, which is involved in lightweight metals products and solutions, as it believes the company's cash flow will move higher thanks to a better outlook on aluminum.
Bank of America increased its price target on Alcoa to $18 from $16.
Separately, TheStreet Ratings team rates ALCOA INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALCOA INC (AA) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, growth in earnings per share and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: AA Ratings Report