UPDATE: First Global Downgrades Alcoa to Underperform

First Global is out with its report today on Alcoa (NYSE: AA), downgrading AA from Market Perform to Underperform.

In its report, First Global writes, "The stock currently trades at a P/E multiple of 11.5x and EV/EBIDTA of 5.0x of our CY11 estimated earnings. In view of the uncertain global economic scenario, coupled with higher raw material costs and pressure on aluminum prices, we are lowering our EPS estimate for Q4 CY11 and the full year CY11 from $0.29 to $0.17 and from $1.14 to $0.89 respectively. We now downgrade Alcoa from Market Perform to Underperform."

At the time of posting, shares of AA were trading at $10.00, down 2.53% from Friday's close.