Norsk Hydro downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Norsk Hydro (NHYDY) to Sell from Neutral with a price target of NOK 69, down from NOK 73. While Norsk provides some leverage to upstream pricing dynamics, the lack of convincing recovery signals in the downstream, particularly in Europe, reduces the firm’s confidence in a near-term earnings recovery, notes the analyst, who has reduced the firm’s forecasts until there is clear evidence of an improvement in downstream conditions.