In the short-term there isn't much to get excited about concerning Alcoa (NYSE:AA), and JP Morgan (NYSE:JPM) analyst Michael Gambardella agrees with that assessment, cutting earnings per share estimates for the aluminum producer in the second quarter.
The cut was based on the continued downward pressure on aluminum prices, which refuse to go up for now, as demand hasn't rebounded yet.
Earnings per share for the quarter was cut 33 percent by Gambardella, who is now looking for 10 cents a share, down from the 15 cents a share he originally had projected.
For the second half, Gambardella also lowered his earnings estimate, although he has maintained his price target of $15.50 a share.
2 comments:
Who is JPMorgan why don't they slash their own rating. JPMorgan the most corrupted organization.
I think AA reported better than JPM thinks. Without his downgrade AA would have crossed 12bucks by now.
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