Why Alcoa Stock Popped This Week
Shares of aluminum giant Alcoa (NYSE: AA) popped this week, rising 10.1% through the week as of 10:20 a.m. ET Friday, according to data from S&P Global Market Intelligence. It wasn't simply a rebound after the mining stock's recent decline in the broader market sell-off -- an analyst foresees strong growth in Alcoa through 2025.
In a research report issued earlier in the week, analyst Christopher LaFemina at Jefferies Financial Group upgraded 2022 earnings forecast for Alcoa to $6.62 per share from $6.19 a share, according to MarketBeat. The analyst further expects Alcoa to earn $7.66 per share in 2023, $7.84 a share in 2024, and $9.32 per share in 2025.
In November, LaFemina upgraded Alcoa stock with a price target of $60 a share, driven by a strong outlook for the aluminum market based on the metal's rising demand as more nations strive to decarbonize.
Source Fool.com
