Nomura Securities analyst Curt Woodworth trimmed his price target on Alcoa (NYSE: AA) to $21.00 (from $23.00) following Q1 results but maintained a Buy rating. The analyst noted auto growth was offset by packaging woes.

Woodworth commented, "lower primary aluminum and physical premia values presents an attractive entry point for investors. Alcoa continues to execute on its ongoing portfolio transformation from a vertically integrated aluminum producer towards one concentrated in higher-margin multi-material downstream businesses and a smaller portfolio of lower-cost upstream assets. After several years of upstream portfolio rationalization, we see Alumina and Primary contributing 57% of segment ATOI in 2015, up from 47% in 2014, as soft packaging markets should weigh on GRP while EPS is yet to benefit from synergies of recent acquisitions. At 5.7x 2015E EV/EBITDA, AA is trading towards the lower end of its historical valuation range, which, in our view, does not credit AA for an improved product mix achieved over the past 18 months. We lower our TP to $21 from $23 to reflect adjustments to our 2015 and 2016 physical premia assumptions. Our $21 TP represents 6.7x 2016E EV/EBITDA. "

The firm bumped Q2 EPS from $0.28 to $0.29 and trimmed FY 2015 EPS from $1.34 to $1.26.

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Shares of Alcoa closed at $13.67 yesterday.