BofA: Tough market may force Noranda to make more cash moves

Timna Tanners, an analyst at Bank of America Merrill Lynch, has downgraded shares of Noranda Aluminum Holding to 'neutral' from 'buy' following publication of the company's Q1 results. Tanners also has lowered her price target to $5 from $8, saying there are no catalysts for a turnaround at Franklin-based Noranda, which she says sports a "stretched balance sheet" and "may need to take greater steps to preserve cash."

Shares of Noranda (Ticker: NOR) soared yesterday but are down almost 7 percent today.