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S&P Capital IQ upgrades Alcoa to buy

7/10/12 9:34 AM ET (MarketWatch)

NEW YORK (MarketWatch) -- S&P Capital IQ analysts on Tuesday raised their rating on Alcoa to buy from hold on their view that the aluminum maker will now be valued on 2013 profit estimates. Analysts hiked their 12-month price target on Alcoa to $11 from $10. At their latest target price and 2013 earnings estimate for Alcoa, the company's projected price-to-earnings ratio would be at the low end of the stock's 10-year historical range, analysts said. Shares of Alcoa rose 0.9% in early trades on Tuesday.