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JPMorgan upgraded Alcoa (NYSE:AA) to Neutral, raising its price target to $68 from $50. This follows a 12% increase in aluminum prices due to conflict in Iran, which affects 20% of ex-China demand. Alcoa's stock rose 6% since the conflict began and has gained 99% over the past six months.

JPMorgan noted risks from high energy costs and potential demand destruction. Alcoa announced a $0.10 per share dividend payable on March 26, 2026, and plans to sell 10 closed sites to the data center industry. Wells Fargo raised its price target to $68, while Morgan Stanley downgraded its rating but adjusted its target to $64.