Shares of aluminum maker Alcoa (AA) - Get Alcoa Corp. Report fell about 3% on Tuesday after the company received a downgrade to neutral from outperform from Credit Suisse, as well as a price-target cut.

In a note to clients, Credit Suisse analyst Curt Woodworth downgraded Alcoa to neutral from outperform and lowered his 12-month price target on the company's shares to $31 from $40 on expectations that the broader value of the company will be affected by "shifting fortunes between refining and smelting."

Specifically, Woodworth pointed to accelerated supply growth in China over the next several years, as new smelters come online and provinces also focus more on regional growth on commodities production.

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As of mid-afternoon, shares of Alcoa were down 2.92%, or 86 cents, at $28.60 on the New York Stock Exchange.

Alcoa produces and sells bauxite, alumina and aluminum products globally. Formerly known as Alcoa Upstream, the company changed its name to Alcoa Corporation in October 2016. It was founded in 1888 and is headquartered in Pittsburgh.

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