Norsk Hydro: stock suffers after UBS downgrade
(CercleFinance.com) - 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.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.