Alcoa Corp (NYSE:AA) stock is up 1.7% to trade at $35.86 this morning, after Morgan Stanley issued an upgrade to "equal weight" from "underweight," to go with a price-target hike to $36.50 from $28.50.
Steel stocks have been in focus this week as President Joe Biden has shifted focus to the industry. On April 17, the White House announced plans to enact further tariffs on Chinese-imported steel.
A new business cycle is underway for the United States economy, and the manufacturing sector could be in play. This time, it isn't only Wall Street pushing the bets forward but also the current administration's attempt to onshore some global steel and aluminum manufacturing jobs.
Alcoa (NYSE: AA ) stock is on the rise Wednesday as President Joe Biden introduced a positive catalyst for the company's shares. As part of his reelection campaign, President Biden has said he wants to triple the current tariffs on steel and aluminum coming out of China.
Alcoa Corp (NYSE:AA) stock is in rally mode ahead of its first-quarter earnings report, which is due out after the market close on Wednesday, April 17.
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