Deutsche Bank Downgraded Alcoa (AA) To Sell Ahead of Tonight's Results
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Ahead of tonight's earnings release, Deutsche Bank downgraded Alcoa (NYSE: AA) from Hold to Sell and cut its price target from $10 to $8. The firm sees significant net losses for Alcoa in the short term, near-term negative free cash flow and large net debt.
Due to a lower aluminum price forecasts and recently announced volume cuts, the firm slashed EPS estimates to a $0.85 net loss for 2009, versus its prior view of a $0.04 profit, and a $0.27 loss for 2010, versus s its prior view of a $1.00 gain.
Deutsche Bank expects Alcoa to report Q4 loss of $0.93 tonight, versus the consensus of a $0.10 loss.
Alcoa, Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina worldwide.
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