Deutsche Bank downgraded Norsk Hydro (NHYDY) to Hold from Buy with a price target of NOK 100, up from NOK 88. Following the spike in aluminum price and strong rally in shares to all-time highs, the firm is downgrading ahead of earnings due on April 29. The firm estimates the current share price discounts an aluminum price in the range of $3,200-$3,400/t, which it calls “above incentive price levels and well above marginal cost.”
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NHYDY:
- Norsk Hydro downgraded to Hold from Buy at Deutsche Bank
- Norsk Hydro price target raised to NOK 103 from NOK 87 at Morgan Stanley
- Norsk Hydro downgraded to Neutral from Buy at UBS
- Norsk Hydro upgraded to Buy from Sell at Goldman Sachs
- Norsk Hydro upgraded to Outperform from Sector Perform at RBC Capital