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MarketWatch MarketPulseSep 23, 2019
Alcoa's stock falls after Goldman downgrades, cuts price target
Shares of Alcoa Corp. fell 1.5% in morning trading Monday, after Goldman Sachs analyst Matthew Korn backed away from his bullish stance on the aluminum company, citing expectations of lower prices in the near term, and fewer catalysts down the road. Korn cut his rating to neutral from buy, and lowered his stock price target to $25 from $30. A ramp-up at a large Brazil-based alumina refinery and weaker demand from China have kept prices lower than previously forecast, Korn said. "The big picture is unchanged and fundamentally challenged: A slowing China, growing U.S. steel capacity and fears of global recession continue to be front of mind for investors and colar nearly every conversation we have on the stocks," Korn wrote. He said potential for meaningful resolution of the U.S.-China trade war seems "thin" and he senses "tempered expectations" for China's stimulus measures. Separately, Korn downgraded Schnitzer Steel Industries Inc. to sell from neutral and Commercial Metals Co. to neutral from buy. Alcoa's stock has shed 19.6% year to date, while the S&P 500 has gained 19.4%.

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