NHYDY - Norsk Hydro: Lower Share Price Likely In 2024 Downgrade To Sell
2024-01-23 02:15:56 ET
Summary
- Norsk Hydro's Q3 results showed a 17% decrease in revenue and a significant drop in adjusted EPS compared to previous years.
- A decoupling is taking place where Chinese demand for aluminum is quite stronger on big growth in the EV segments, while EU and the US see lower demand.
- The company's lower earnings and changes in dividend policy lead to a downgrade in stance to Sell.
Investment Thesis
In September last year , we gave Norsk Hydro ASA ( OTCQX:NHYDY ) a Hold stance based on our concern about potentially lower aluminum prices going forward. That was a downgrade from our bullish view of the company back in January of 2023 ....
Norsk Hydro: Lower Share Price Likely In 2024, Downgrade To Sell