Alcoa Inc (NYSE:AA), one of the world’s largest aluminum producers, has had its expected 4th quarter EPS and 2014 price targets reduced on falling aluminum prices. “Our metal strategists recently published a report lowering their metal price forecasts for aluminum, copper, zinc and gold,” writes J.P. Morgan analyst Michael F. Gambardella. The bank’s 2014 forecast for aluminum is down from $0.89/lb to $0.84/lb, causing Gambardella to lower his 2014E EPS from $0.65 to $0.44 and the December 2014 price target from $10 to $9, reflecting an EV/EBITDA multiple of 7.6x. Gambardella has been impressed with Alcoa management’s efforts to cut…