UPDATE: Citigroup Lowers PT on Noranda Aluminum Holding to $11

Citigroup maintained a Buy rating on Noranda Aluminum Holding NOR and lowered its price target from $12 to $11. Citigroup remarked, “We estimate 2Q EPS of $0.10 vs the consensus of $0.10 on revenues of $363 mln and EBITDA of $43 mln. We have updated our longer term model based on our new commodity forecasts. We have reduced our estimates to $0.15 in '12 from $0.84, $0.60 in '13 from $1.25 and $0.70 in '14 from $1.25. Based on these revisions we are lowering our target to $11/sh from $12/sh.” Noranda Aluminum Holding closed at $6.73 on Friday.