Ahead of the Bell: Citi sees smooth transition for Alcoa CEO

Citi Investment Research analyst John H. Hill said in a note to investors that most of Alcoa's major restructuring has already been completed, though he expects further streamlining of its core metallurgical operations under Kleinfeld.

Hill said he predicts strong performance from Alcoa through the second half of the year and beyond as aluminum demand rises, particularly in emerging markets such as Brazil, India and China.

"Alcoa is one of the few major metals companies with a deep project pipeline," he said.

The company said late Thursday Kleinfeld would replace Alain Belda.

The analyst reiterated his $50 price target and "Buy" rating on the Pittsburgh company. Shares of Alcoa slipped 19 cents to $36.46 in premarket trading Friday from a $39.65 close Thursday.