Alcoa (NYSE:AA) PT Raised by Goldman (NYSE:GS), Aluminum Not Favorite Metal

Even though aluminum demand and prices will remain under pressure, Goldman Sachs (NYSE:GS) still raised their price target on Alcoa (NYSE:AA), citing a perceived economic recovery and increased investor confidence.

For the fourth quarter of 2010, Goldman raised their EPS estimate from $0.15 to $0.18 on Alcoa, and a 2010E of $0.05, which was $0.47.

Goldman asserted that aluminum isn't the favorite of their metal picks, which has been struggling for some time.

Alcoa has finally made a decent move over the last three months after beginning to plunge in price in April 2010.

Goldman maintains a "Neutral" on Alcoa, which was trading at $14.51, up $0.05, or 0.31 percent, as of 12:04 PM EST. They raised their price target on Alcoa from $12 to $14.