Alcoa (AA) kicks off earnings season tomorrow after the close. Estimates are $.01 versus $.15. Clearly, no earnings growth. In fact, analysis of the upcoming earnings season is lower growth versus a year ago. Despite the lack of growth, we prefer to use our price targets to determine whether we are a buyer of a stock. In fact, there is nice upside for Alcoa so we would wait for a negative reaction to the stock price to be a value buyer.