Commodity pricing helped offset Alumina Ltd's operational challenges - MS

Alumina

21/04/2023 07:31

** Morgan Stanley says while market tightness remained
during the first quarter, for Alumina Ltd  AWC.AX , strong
alumina pricing helped offset operational challenges and cost
pressures
    ** Brokerage maintains price target of A$1.70, which remains
higher than close of A$1.52, and "overweight" stock rating on
the Australian aluminium producer 
    ** Says Q1 refining production of 2.6 mt was higher than MS
expectations of 2.5 mt; notes that production was lower compared
to previous qtr on continued curtailments at San Ciprian and
Kwinana ops
    ** Four of 10 analysts rate the stock "buy" or higher, one
"hold" and five "sell" or lower; their median PT is A$1.55 –
Refinitiv data
    ** Shares of AWC fell as much as 3.9% to end about 0.7%
lower for the day, falling for its fifth straight session of
losses
    ** Stock has risen 1% this year, as of last close
 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))