Alcoa downgraded to Hold from Buy at Argus

Argus analyst John Eade downgraded Alcoa to Hold from Buy. Alcoa as a well-run company with a long track record in its industry, but the near-term environment for the company is more challenging, the analyst tells investors in a research note. Given the uncertain demand environment, Argus does not have “much visibility into earnings”, and while Alcoa’s balance sheet is solid, the yield of 1.1% does not signal value, the firm added.