NEW YORK (TheStreet) -- Shares of Alcoa (AA) were gaining 5.7% to $14.18 on heavy trading volume Friday after analyst firm Standpoint Research upgraded the aluminum producer, and the company announced changes to its board of directors.
Standpoint Research upgraded Alcoa to "buy" from "hold" on Friday and set a price target of $18, according to Benzinga. Analyst Ronnie Moas said that Century Aluminum's (CENX) positive first quarter result caused him to think now is a good time to double his bet on the aluminum industry.
Late Friday morning Alcoa announced that Dr. Judith Gueron retired from the company's board and the role of lead director. Patricia Russo, who joined Alcoa's board in 2008 will take over Gueron's role.
About 33 million shares of Alcoa were traded by 1:30 p.m. Friday, above the company's average trading volume of about 25.9 million shares a day.
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 multiple 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 revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."