UPDATE: Jefferies Downgrades Alcoa to Hold Post Share Rise on Fed QE

Jefferies downgraded its rating on Alcoa (NYSE: AA) from Buy to Hold with a reiterated $11 price target. Jefferies commented, "With last week's announcement of further monetary easing, virtually all of the stocks in our coverage caught what we would characterize as indiscriminate strength. We are using this strength as an opportunity to downgrade Alcoa and more clearly identify FCX as our preferred name within our base metals coverage. … In our view, aluminum production simply does not have the high barriers to entry that copper mining does."Alcoa closed at $9.58 on Monday.