In a First to Market note out this morning, J.P. Morgan analyst Michael F. Gambardell is downgrading shares of Alcoa Inc AA to neutral based on deteriorating aluminum fundamentals. In the note, Mr. Gambardell states:
"We are downgrading AA to Neutral from Overweight and lowering our price target to $18.50 from $20.00 given concerns from our metal strategist that fundamentals in aluminum are deteriorating and premiums in the U.S. could soon start to follow the downward path seen recently in Europe."
Shares of AA are trading lower by nearly 2 percent in pre-market trade, last quoted at 16.20.
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