JPMorgan's price forecast of $50 implies a downside of around 20% for shares of Alcoa.
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Analyst Timna Tanners upgraded the aluminum miner and smelter to overweight from equal weight.
Wall Street analysts largely framed the pullback as profit-taking rather than a fundamental shift in the outlook.
JPMorgan's list of top stock picks heading into November include new additions Alphabet and Alkami.
JPMorgan downgraded Procter & Gamble to neutral from overweight ahead of the company's next quarterly earnings report.
Morgan Stanley sees shares of Lam Research falling 8% from here.
The investment bank upgraded the automaker to buy from neutral.
