The largest U.S. aluminum maker, to "neutral" from "buy" on valuby De Tai ***
with copper leading, aluminum lagging, and the correlation among the metals breaking down," Goldman said in a note to clients.Goldman said it did not see much upside to Alcoa shares, which are trading near its price target of $13.Aluminum fundamentals remain weak with inventories at historically high levels and enough excess capacity that could be brought online, limiting the rise in the metal's prices, Goldman said.Goldman, which set a target price of $90 on Freeport-McMoRan stock, said copper demand is poised to surge and, coupled with constrained supply, will lead to a sharp rise in prices."As the largest publicly-listed copper producer in the world... we believe Freeport-McMoRan shares provide the closest thing to pure-play copper exposure," Goldman said.Goldman kept its "buy" rating on Hess, given the energy company's inexpensive valuation and its "constructive" crude oil view for 2010.Shares of Alcoa fell 4 percent to $12.38 in pre-market trade. They closed at $12.92 Tuesday on the New York Stock Exchange.Freeport-McMoRan and Hess shares were down 2 percent in trading before the bell. Shares of Freeport-McMoRan closed at $60.47, while those of Hess closed at $50.62 Tuesday on the New York Stock Exchange.
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