Deutsche Bank downgraded Norsk Hydro to “hold” from “buy” and raised target price to NOK100 from NOK88.
Shares closed at NOK107.60, up about 40% YTD and 100% over 12 months, hitting an all‑time high.
DB forecasts 2026 aluminium at $3,400/tonne (up from $3,100) and copper at $12,800/tonne, keeping iron ore unchanged.
The bank cites Middle East conflict risks, expects partial supply recovery by year‑end and full recovery by H2 2027.