BMO Capital Maintains Underperform on Alcoa

BMO Capital is out with its report today on Alcoa AA, maintaining Underperform. In a note to clients, BMO Capital writes, "Alcoa is rated Underperform. The company continues to experience rising costs, which are offsetting higher realized aluminum prices. BMO Research estimates the stock is currently implying a flat aluminum price of US$1.13/lb, slightly higher than recent LME prices. Positively, the downstream divisions are performing very well." BMO maintains a $15 PT on AA. At the time of posting, shares of AA were trading pre-market at $15.87, down 0.25% from Monday's close.