Alcoa rises after Q3 core profit beats view, J.P. Morgan raises PT
** Alcoa shares AA.N rise 4.9% to $44.15 premarket
** Co on Wednesday posted Q3 adj. EBITDA of $455 mln vs. est. $385.8 mln, as per data compiled by LSEG, due to higher alumina prices and lower raw material costs
** But Q3 revenue came in below estimates at $2.90 bln on lower shipments of alumina and aluminum
** J.P. Morgan raised PT to $39 from $36, maintains "neutral"
** Says AA's "relatively green footprint amid emerging costs of carbon" preferred, shares could outperform in near-term on alumina tightness and China stimulus hopes
** Jefferies notes alumina prices continued to rise; spot at $680/t vs. avg. Q3 at $505/t
** "The company unveiled a new $645 mln Productivity Improvement Program at the start of this year and has reached a $525 mln annualized run rate on these initiatives" - Jefferies
** Co announced progress toward securing cooperation agreement for alumina and aluminium plant in Spain
** Up to last close, stock had risen 23.7% YTD
Reporting by Seher Dareen in Bengaluru
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