Wells Fargo Downgrades Alcoa and Kaiser Aluminum, Upgrades Constellium Amid Favorable Market Conditions

Wells Fargo downgraded Alcoa (AA) and Kaiser Aluminum (KALU) due to substitution risks and recent stock price surges. Alcoa's price target increased to $71, while Kaiser Aluminum's valuation was described as full. Constellium (CSTM) was upgraded due to favorable market conditions. Alcoa's financial performance is complex, with a 3-year revenue growth rate of -4.6% and a debt-to-equity ratio of 0.41. The company's valuation metrics suggest a potentially overvalued stock.