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Hydro: shares up after Barclays upgrade

( - Shares in Norwegian aluminium producer Norsk Hydro rose by almost 2% on Tuesday morning after an upgrade by Barclays.

Barclays raised its recommendation on the shares to "equal weight" from "underweight", citing an improving profitability profile.

The brokerage also raised its price target on the stock, now targeting 30 Norwegian crowns.

In a note to clients, Barclays said it sees 47% growth in EBITDA over the next three years, driven by a combination of volumes normalising, cost cuts and energy contracts repricing.

The brokerage also highlighted that the stock is trading on 7x its 2023E base case EPS, compared to a historical average of 10x.

Hydro shares rose 1.7% by late morning, although they were still down 19% year-to-date.

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