UPDATE: BMO Downgrades Alcoa (AA) to Underperform as Aluminum Sector Will Be Weak

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(Updated - July 11, 2012 7:19 AM EDT)

An analyst at BMO Capital downgraded Alcoa (NYSE: AA) from Market Perform to Underperform Wednesday morning. The price target was lowered from $10 to $8.

The analyst cited a soft aluminum outlook moving forward, concerns related to upstream margins, continued litigation related to Alba, and high debt levels.

The downgrade follows Q2 results from Alcoa on Monday afternoon and the resulting 4 percent decline in the stock on Tuesday.

With Alcoa shares trading down very modestly to $8.38 in pre-market action Wednesday, BMO's new price target represents further downside of about 4.5 percent.

For an analyst ratings summary and ratings history on Alcoa click here. For more ratings news on Alcoa click here.

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