UPDATE: BMO Capital Downgrades Alcoa to Underperform, Lowers PT

In a report published earlier today, BMO Capital Markets downgraded its rating on Alcoa Inc.

from Market Perform to Underperform, and lowered its price target from $10.00 to $8.00. In the report, BMO Capital stated that it “sees few positive catalysts for Alcoa near term, barring an upturn in market sentiment. Fundamentals for the aluminum sector continue to be weak, with Alcoa's upstream divisions facing severe margin pressures if regional premiums come down. Positively, the downstream segments are performing reasonably well.” Shares of Alcoa were trading at $8.35 at the time of posting, down 0.65 percent from Tuesday's market close.