UPDATE: BMO Capital Markets Downgrades Alumina from Market Perform to Underperform

BMO Capital Markets downgrades Alumina

from a Market Perform to an Underperform rating and lowers its price target from A$1.50 to A$0.70. BMO Capital Markets notes, “AWC has been downgraded to Underperform from Market Perform. The target price has been lowered to A$0.70 from A$1.50. The company holds a 40% stake in AWAC (Alcoa World Alumina and Chemicals), which represents approximately 17% of global alumina output. AWAC is mandated to distribute at least 30% of its net profit to shareholders, including AWC.” Alumina closed at $2.88 on Tuesday.