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Norsk Hydro: shares jump after UBS upgrade

( - Norsk Hydro shares are up over 4% on Friday after UBS upgraded the stock to "buy," seeing in the Norwegian industrial group a "laggard" with "company specific earnings drivers.

UBS says several self-help drivers underpin a material improvement in the company's EBITDA in 2021, thanks to further upside in aluminium prices, which is "under-appreciated" by the market.

"In our view the medium-term outlook for aluminium has improved as China has capped aluminium capacity (...) and the new carbon-neutral target for 2060 could accelerate closures of coal-powered smelters," its analysts wrote.

UBS has therefore upgraded its rating on Hydro shares from "neutral" to "buy" and has raised its target price for the share to 38 Norwegian kronor from 27 kronor previously, representing upside potential of 21%.

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