ALCOA (AA $16.16, rating Overweight, Price Target Raised to $23 from $22) HIGHER LME AL INGOT PRICE ESTIMATES RAISE EARNINGS TO 2017, WHILE HIGHER ESTIMATED ALUMINA OPERATING COSTS IN 2018-19 TRIM “TWIN BOOMS” 9/16/2014

ALCOA (AA $16.16, rating Overweight, Price Target Raised to $23 from $22) HIGHER
LME AL INGOT PRICE ESTIMATES RAISE EARNINGS TO 2017, WHILE HIGHER
ESTIMATED ALUMINA OPERATING COSTS IN 2018-19 TRIM “TWIN BOOMS” 9/16/2014