UPDATE: Citigroup Reiterates on Noranda Aluminum Holding on Lowered EPS Estimates

In a report published Monday, Citigroup analyst Brian Yu reiterated a Neutral rating on Noranda Aluminum Holding Corporation (NYSE: NOR), but lowered the price target from $3.50 to $3.20.

In the report, Citigroup noted, “Based on our 2014E and a 8.0x multiple we apply a 60% weighting on our $2.00/sh EV/EBITDA valuation and a 40% weighting on our DCF derived valuation of $5.10/sh to arrive at our reduced target price of $3.20/sh on lowered estimates. Based on our revised commodity price forecasts, we have lowered our EPS estimates for '13 to -$0.67 from -$0.62. No change to our Neutral/High Risk (2H) rating.”

Noranda Aluminum Holding closed on Friday at $2.85.