UPDATE: Bank of America Lowers PT to $8 on Noranda Aluminum Holding

A report from Bank of America reiterates its Underperform rating and lowers its price target from $10 to $8 on Noranda Aluminum Holding Corp.

. The report states, “We are lowering our Noranda Aluminum (

) price objective (PO) to $8/share from $10/share following our commodities team's downgrade of our 2012-13 aluminum price forecast. We acknowledge NOR's strong performance in a tough cost environment, however, we maintain an Underperform (U/P) rating due to weak aluminum price fundamentals.” NOR closed yesterday at $8.22.