UBS upgrades Alcoa to Buy on aluminum price strength from Middle East outages

 

• UBS raised rating from Neutral to Buy and PT to $80 from $75 on May 22.
• Analyst cited persistent smelter outages supporting higher aluminum prices/premiums.
• Alcoa seen discounting LME aluminum ~20% below spot levels.
• Builds on YTD stock rally exceeding 20% amid tightening global supply.
• No company-specific news; move follows recent $65M Norway smelter investment.
• Stock closed May 21 at $66.27; 7.24% gain aligns with upgrade reaction.

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