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Alcoa stock down over aluminum price concerns (Reuters)

NEW YORK (Reuters) – Shares in Alcoa Inc slipped on Tuesday despite posting a strong second-quarter profit, as some analysts voiced concern over a recent drop in aluminum prices.

In early trading on the New York Stock Exchange, the company's stock was down 10 cents at $15.82, while aluminum fell to $2,451 per tonne in London, its lowest price since late January.

UBS cut Alcoa's price target to $16.25 from $16.75 and maintained a "neutral" investment rating on the aluminum producer, which kicked off the earnings season on Monday with a profit that matched Wall Street estimates. Its revenue beat expectations, largely on higher metal prices and volumes.

Analyst David Lipschitz, of Credit Agricole Securities, said his third-quarter estimate of 24 cents per share was lower than Alcoa's second-quarter 32 cents-per-share profit "as we expect prices for aluminum to be lower than in the second quarter.

"We remain concerned that aluminum is a difficult industry in which to capture higher prices as Alcoa continues to see costs pressure," he wrote in a research note.

Tony Rizzuto, of Dahlman Rose & Co, was more positive, reaffirming his "buy" rating on Alcoa and a $22 price target

"The company is effectively managing an environment of rising raw material costs while expanding margins, and is well positioned to benefit from what we believe to be a bullish environment for aluminum."

(Reporting by Steve James; Editing by Maureen Bavdek)

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