BoFA Merrill Lynch's Timna Tanners downgraded the rating for Alcoa Inc from Buy to Neutral, while reducing the price objective from $12 to $10.50. Analyst Timna Tanners said that Alcoa's shares have been surprisingly resilient despite a one-third decline in alumina prices since June 2015, a worsening outlook for aerospace build rates and a high pension liability that was disclosed recently.