From Notable Calls:
Merrill Lynch/Banc of America is out neg on Alcoa (NYSE:AA) lowering their tgt to $3 from $6 after reduced EPS outlook. Their rating continues to be Underperform.
Based on a $0.59/lb aluminum price (was $0.88), they are revising down our 2009e EPS to a $1.50 loss (was $0.20 loss). 2010e EPS is revised down to $0.00 (was $0.90) based on a $0.79/lb metal price....
...Notablecalls: The $3 tgt (50% downside to tgt) reads ugly for Alcoa. I think we are going to see some more downside in the name today....MORE