Alcoa upgraded to "buy"
Tuesday, August 07, 2007 10:24:21 AM ET
Davenport & Co.
NEW YORK, August 7 (newratings.com) - Analysts at Davenport & Company upgrade Alcoa Inc (AA.NYS) to "buy." The target price is set to $43.
In a research note published this morning, the analysts mention that there is a 50% possibility of the company receiving a takeover offer from BHP Billiton, CVRD or a private equity. Any takeout offer for Alcoa is expected to be higher than the target price, the analysts say. The upgrade in the rating is based on valuation and the company�s fundamentals, Davenport & Company adds.
