Citi downgraded Norsk Hydro to neutral from buy after its shares jumped roughly 25% since February.
Aluminum prices rose about 20% YTD, driven by Middle East supply disruptions affecting 3 million tonnes (4% global output).
Citi raised 2026 EBITDA forecast 9.3% to NKr37 bn, EPS 19.5% to NKr8.92, and target price to NKr110.
Stock trades at 11.7× 2026 earnings; bull case valuation NKr137 (31% upside) versus bear case NKr81 (22% downside).