Nomura Securities Reiterates a 'Neutral' on Alcoa (AA); Reducing Estimates on Aluminum Market Headwinds
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Price: $36.26 +0.55%
Rating Summary:
15 Buy, 15 Hold, 3 Sell
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Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
15 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Nomura Securities reiterates a 'Neutral' on Alcoa (NYSE: AA) price target of $12.00.
Analyst, Curt Woodworth, said, "We are lowering our Q2 earnings estimate on weaker aluminum prices during the quarter and lowering our full-year 2012/13E earnings on medium-term price weakness owing to industry oversupply. 2Q12E EPS from $0.05 to $0.00; F12E EPS from $0.25 to $0.20; F13E EPS from $0.60 to $0.55. We are also lowering our Q3 aluminum price to 0.88/lb from 1.00/lb. Rise in Aluminum physical premiums has helped to offset a fall in spot prices, but we feel it is likely a short-term phenomenon, given the overcapacity. Stock appears fairly valued, trading at 8.9x/6.6x our 2012/13E EV/EBITDA."
For an analyst ratings summary and ratings history on Alcoa click here. For more ratings news on Alcoa click here.
Shares of Alcoa closed at $8.92 yesterday.
Analyst, Curt Woodworth, said, "We are lowering our Q2 earnings estimate on weaker aluminum prices during the quarter and lowering our full-year 2012/13E earnings on medium-term price weakness owing to industry oversupply. 2Q12E EPS from $0.05 to $0.00; F12E EPS from $0.25 to $0.20; F13E EPS from $0.60 to $0.55. We are also lowering our Q3 aluminum price to 0.88/lb from 1.00/lb. Rise in Aluminum physical premiums has helped to offset a fall in spot prices, but we feel it is likely a short-term phenomenon, given the overcapacity. Stock appears fairly valued, trading at 8.9x/6.6x our 2012/13E EV/EBITDA."
For an analyst ratings summary and ratings history on Alcoa click here. For more ratings news on Alcoa click here.
Shares of Alcoa closed at $8.92 yesterday.
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