JPMorgan Lifts Alcoa (AA) Target to $45 in 2026 Metals Outlook

Group 1: Company Performance - Alcoa Corporation's third-quarter earnings showed a modest improvement with revenue rising 3% year-over-year, reaching just under $3 billion. The increase was attributed to a higher Midwest premium on US aluminum production, which helped offset tariffs and costs related to aluminum imports [3] - The company is focusing on building long-term shareholder value through strategic efforts, including a major acquisition of Australia's Alumina Limited, which strengthens its position as a leading upstream aluminum producer [4] Group 2: Strategic Developments - In October, Alcoa announced two significant developments for its Massena Operations in New York: a new 10-year energy agreement with the New York Power Authority for 240 MW of renewable energy starting April 1, 2026, and a planned $60 million investment to upgrade the anode baking furnace [5] - JPMorgan raised its price target for Alcoa to $45 from $35 as part of its 2026 outlook for North American metals and mining companies, maintaining a Neutral rating on the shares [2]