Goldman Sachs raised Norsk Hydro rating from “sell” to “buy” and lifted 12‑month price target to NOK120 from NOK69.
The upgrade cites a supply shock in the Middle East that could cut ex‑China value‑added aluminum supply by roughly 16%, boosting margins.
Around 70‑75% of Hydro’s output is value‑added, with ~60% sold to Europe, positioning it well amid higher downstream premiums.
Goldman projects 2026 earnings per share of NOK9.47, noting risks from lower aluminum prices, cost inflation and soft downstream demand.