Citi analyst Ephrem Ravi downgraded Norsk Hydro (NHYDY) to Neutral from Buy with a price target of NOK 110, up from NOK 105. Following a 20% year-to-date move up in aluminum prices, ahead of the 12% advance for copper, the firm sees limited potential for Norsk Hydro’s consensus EBITDA estimate to further re-rate, the analyst tells investors.
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