Proposed U.S. Aluminum Import Protection Benefits Alcoa, but Isn't a Gamechanger; Raising FVE to $28
We've raised our fair value estimate for Alcoa to $28 per share from $26 to reflect the implications of the Department of Commerce's Section 232 recommendations. Our no-moat rating is unchanged.As discussed in our Feb. 18 note "Department of Commerce Recommends Highly Punitive Countermeasures For Steel and Aluminum Imports," we expect President Trump to enact targeted tariffs rather than a blanket tariff or quota. Trump now has 90 days from Feb. 16Â to review the proposals and determine the appr...
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