Goldman Sachs maintains a Neutral rating on Alcoa AA and lowers its price target from $11 to $10.
Goldman Sachs remarks, “We are lowering our 2Q2012 EPS estimate for AA to $0.07 from $0.17 on marking to market of aluminum prices: $0.92/lb versus our estimate of $1.05/lb. We are also reducing 3Q12/4Q12/2013/2014 EPS estimates to $0.10/$0.12/$0.65/$1.10 from $0.21/$0.16/$0.85/$1.30 on lower aluminum price assumptions. We now estimate aluminum price of $0.97/$1.05/$1.08 per pound for 2012/2013/2014 from $1.04/$1.10/$1.10 as weak supply- demand fundamentals are expected to persist for longer period. Our 6- month P/E, EV/EBITDA, and DCF-based target price is reduced to $10 from $11. We maintain our Neutral rating.”
Alcoa closed at $8.92 on Wednesday.
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