According to a survey conducted by Citigroup, investor sentiment is at an all-time low for the health care sector. This is partly due to European Union price cuts and health care reforms.
Investors are expecting EPS to spiral downward and prices to fall. However, taking a contrarian view, Citi’s chief US equity strategist Tobias Levkovich has upgraded the sector to overweight. Alcoa AA will report its 2Q earnings after the market closed on July 12th.
The company is expected to post 2Q EPS of $0.10, up from previous estimates of $0.09. Citi has maintained its Buy rating for the stock with a target price of $16.
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