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Alcoa soars on Upgrade

Shares of Alcoa Inc. (NYSE: AA) are advancing this morning on an upgrade from JPMorgan. The world’s third largest producer of aluminum was upgraded to overweight from neutral on regional premiums for the physical metal rising and tightening within the market. JPMorgan believes that the current dynamics will help boost Alcoa’s aluminum operations. As a result, the price target was raised to $15 a share from $9 a share. Shares are currently up 6 percent.