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Norsk Hydro: stock suffers after UBS downgrade

( - Shares in Norwegian industrial group Norsk Hydro are down 3.
7% on Friday, underperforming a slightly weaker trend in Oslo, after UBS downgraced its rating from "buy" to "neutral," while maintaining its target price of 45 kronor.

In a research note, UBS says it sees a "balanced" risk-reward profile on the shares after their recent performance.

"After material outperformance over the past 3 months in our view Norsk Hydro's valuation gap has closed vs peers and we see near-term risk to aluminium and FX headwinds," the broker points out.

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