UPDATE: Citigroup Downgrades Alumina to Sell on Lower Commodity Prices

Citigroup reduced its rating on Alumina AWC from Neutral to Sell on lower aluminum and alumina prices. Citigroup said, "Our target price is reduced to A60¢/share, previously A$1/share, and our recommendation downgraded to Sell driven by earnings downgrades from lower alumina/aluminium prices. With no cash generation and losses expected in 2012 & 2013 AWC remains one of our least preferred exposures in the sector." Alumina closed at $2.78 on Friday.