) in anticipation of the company's Investor Day. In the report, Citigroup writes "For the first time since 2006, Alcoa is hosting a comprehensive investor meeting in New York on Wednesday, November 10th. The preliminary agenda shows the CEO, CFO and three Group Presidents presenting. We provide our thoughts on potential topics including: 1) changes in alumina pricing structure and spot vs contract; 2) leverage to improving aluminum prices; 3) investment demand such as inventory financing that no longer works at the current contango vs the potential for physically backed aluminum ETFs; 4) sustainability of downstream cost reductions as revenue continue to recover; 5) cyclical cost pressure returning in upstream; and 6) projects such as Ma'aden." Citigroup has lowered the price target from $17 to $16. Alcoa closed Friday at $14.00.