Alcoa: I Remain Bullish After The Massive Rally

Alcoa Corporation (AA) remains a 'Buy' with ~21% upside potential, supported by structural demand and portfolio streamlining. AA benefits from global aluminum supply disruptions, higher regional premiums, and a strong alternative energy portfolio amid new EU carbon regulations. San Ciprián smelter's turnaround and asset marketing to hyperscalers could unlock $500–1,000 million in incremental value and boost FY2027 EBITDA.