Pareto repeats its Hold rating on Norwegian aluminium producer Norsk Hydro and cuts the price target to NOK 90 from NOK 94.
The brokerage believes the market is likely heading toward a surplus in 2027 as new capacity comes on stream while demand is under pressure in, among other areas, the European automotive industry.
Pareto cuts its 2027 earnings-per-share forecast by 5 percent to NOK 8.50. The stock is valued at approximately 10-12 times forecast earnings for 2026-2028.
