Citi cuts Norsk Hydro to neutral after rally

Citi downgraded Norsk Hydro to neutral, raising target price to NKr110 from NKr105 after 25% share rally since February.
Aluminum prices up ~20% YTD, driven by Middle East supply disruptions affecting 3 million tonnes (4% global output, 11% ex‑China).
Citi lifted 2026 EBITDA forecast 9.3% to NKr37 bn and EPS 19.5% to NKr8.92, with 2027 EBITDA NKr38.8 bn.
Stock trades at 11.7× 2026 earnings, bull case NKr137 (31% upside) and bear case NKr81 (22% downside).