Alcoa Corp. (NYSE:AA | AA Price Prediction) had been a materials sector standout this year, with shares gaining more than 48% from January through their year-to-date (YTD) high on June 2. However, since then, the stock has cratered and is down more than 40% from that YTD high.

Still, over the past year, AA is up 57.34% and Wells Fargo remains bullish. After meeting with Alcoa’s CFO, the firm raised its price target to $68 from $64, maintaining an Equal Weight rating. Shares traded around $50 on Tuesday. Aug. 25, so that target represents a sizable 36% upside potential. The $68 target sits well above the Street’s $48.25 consensus, implying Wells Fargo sees structural value the broader analyst community is missing. But can AA…