Alcoa shares drop after fifth quarterly loss in last six

NEW YORK (Reuters) - Shares in Alcoa Inc (AA.N) fell on Tuesday, a day after the aluminum company reported revenue that missed Wall Street expectations.

UBS cut the company's investment rating to "neutral" from "buy," but S&P Equity Research raised its rating to "buy" from "hold."

In morning trading on the New York Stock Exchange, Alcoa stock was down 2.4 percent at $14.21.

S&P analyst Leo Larkin noted Alcoa posted its fifth net loss in the past six quarters, but that when charges were excluded, its results matched Wall Street estimates.

He said he was maintaining his 2011 earnings forecast of $1.08 per share and his 12-month share target price of $18.

"Given our view that Alcoa will be valued on '11's EPS (earnings per share), we think the stock is attractive, now selling at 13.5 times our '11 estimate," Larkin wrote in a research note.

Anthony Rizzuto, an analyst with Dahlman Rose & Co, raised Alcoa's 2010 and 2011 earnings estimates slightly, but maintained a "hold" rating on the shares.

"We believe that management is taking action that will position the company to prosper, even if aluminum prices do not significantly appreciate from the current levels," he wrote.

(Reporting by Steve James, editing by Maureen Bavdek)