Norsk Hydro: shares down after UBS downgrades to 'neutral'
(CercleFinance.com) - The Hydro share, listed in Oslo, is down on Wednesday, after UBS downgraded its rating on the Norwegian aluminium producer from "buy" to "neutral".
UBS also cut its price target for the shares from 65 Norwegian kronor to 60 Norwegian kronor.
"After aluminium/share price gains the risk reward between further commodity price upside vs FX/cost headwinds is more balanced," UBS said.
After these comments, the shares were down 0.3% at 60.5 Norwegian kronor in early afternoon trading on the Oslo Stock Exchange.
Copyright (c) 2018 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.
UBS also cut its price target for the shares from 65 Norwegian kronor to 60 Norwegian kronor.
"After aluminium/share price gains the risk reward between further commodity price upside vs FX/cost headwinds is more balanced," UBS said.
After these comments, the shares were down 0.3% at 60.5 Norwegian kronor in early afternoon trading on the Oslo Stock Exchange.
Copyright (c) 2018 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.