Goldman Sachs Slashes Numbers on Alcoa (AA) Ahead of Q2 Results

Alcoa (NYSE: AA) will be kicking-off second quarter earnings season on July 9 and analysts at Goldman Sachs believe things are even worse than they previously thought.

Today, the firm cut 2Q2012 EPS estimate for from $0.17 to $0.07, which compares to the consensus of $0.09. They also cut 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.

Goldman 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.

The firm's price target moves down from $11 to $10.

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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