UPDATE: Jefferies Lowers Price Target on Alcoa to $12

According to Jefferies, Alcoa

price target is lowered to $12. Jefferies said that it is cutting its 4Q EPS estimate to $0.00, below the current Street estimate of $0.06. “With some improving U.S. economic data, we think Alcoa shares could bounce 20% to the upside. At that point, we would review our Buy rating.” Alcoa closed yesterday at $8.86.