Alcoa (NYSE:AA) got more bad news, as Goldman Sachs' (NYSE:GS) analysts lowered their price target for the aluminum producer, along with their earnings per share estimates.
Goldman lowered the price target on Alcoa to $14 a share, while also decreasing their earnings per share estimates in the second quarter from $0.17 to $0.10; for the third quarter from $0.18 to $0.13; and the fourth quarter from $0.27 to $0.18.
Goldman said the macro environment over the short term will result in oversupply of aluminum, which will keep prices down; the reason for their lowering the earnings per share estimates.
This should continue through 2012, where full-year estimates were downwardly revised as well, with 2010 cut from $0.80 to $0.52; 2011 from $1.20 to $1.05; and 2012 from $1.50 to $1.25.
Goldman did retain their "Neutral" rating on Alcoa.
Alcoa was down to $11.50, a decline of $0.22, or 1.88 percent, as of 2:27 PM EDT.
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