UPDATE: Jefferies Lowers PT on Noranda Aluminum on Low Aluminum Prices
In a report published on Monday, Jefferies analyst Sal Tharani lowered the price target on Noranda Aluminum (NYSE: NOR) from $4.75 to $4.25 and maintained a Neutral rating.
In the report, Jefferies analyst stated, "We mark to market our 2Q13 estimates for NOR, with one-month lagged aluminum prices lower than expected at $0.84/lb (compared to $0.91/lb estimate), lowering our estimate to a loss of $0.08 from a profit of $0.01. This lowers our 2013E EPS to $0.06 from $0.13. Our forward estimates remain unchanged."
Noranda Aluminum closed on Friday at $3.25.
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