Aluminum producer Alcoa Inc. (AA) on Thursday caught some negative commentary from analysts at Goldman Sachs.
The firm cut its price target on AA from $11 to $10, suggesting a smaller 12% upside to the stock’s Wednesday closing price of $8.92. Goldman also lowered its earnings estimates for the company through 2014, citing lower aluminum pricing assumptions.
Alcoa shares posted small losses in premarket trading Thursday.
The Bottom Line
Shares of Alcoa (AA) have a 1.35% dividend yield, based on last night’s closing stock price of $8.92. The stock has technical support in the $8 price area. If the shares can firm up, we see overhead resistance around the $10-$11 price levels.
Alcoa Inc. (AA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.