Norsk Hydro: in the green, a supporting broker

Norsk Hydro: in the green, a supporting broker

Norsk Hydro is up more than 1% in Paris, while earlier in the day Credit Suisse maintained its ‘neutral’ recommendation on the stock and raised its target price to 43 Nkr, up from 39 Nkr. The analyst’s analysis is based in particular on the Norwegian group’s ‘solid’ fourth quarter, thanks to ‘better-than-expected pricing’ and ‘remarkable’ cost control in the primary division.However, the broker believes that the macroeconomic context is ‘worrying’ with Chinese aluminium production ‘at record levels and continuing to grow’ while demand is declining, leading to a risk on the price of aluminium.The analyst also underlines the risk of unfavourable exchange rate movements between the Norwegian krone and the dollar.Copyright (c) 2021 CercleFinance.com. All rights reserved.

Norsk Hydro gains more than 1 percent in Paris, while earlier in the day Credit Suisse maintained its ‘neutral’ recommendation on the stock and raised its target price to 43 Nkr, up from 39 Nkr previously.

The analyst’s report was based on the Norwegian group’s ‘solid’ fourth quarter, thanks to ‘better than expected pricing’ and ‘remarkable’ cost control in the primary division.

However, the broker believes that the macro-economic context is ‘worrying’ with Chinese aluminium production ‘at record levels and continuing to grow’ while demand is declining, leading to a risk on the price of aluminium.

Finally, the analyst underlines the risk of unfavourable exchange rate movements between the Norwegian krone and the dollar.

Copyright (c) 2021 CercleFinance.com. All rights reserved.

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Norsk Hydro: in the green, a supporting broker
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