UPDATE: Citigroup Downgrades Alumina to Sell on Lower Commodity Prices
Citigroup reduced its rating on Alumina (NYSE: 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.
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