JPM cuts Norsk Hydro to 'neutral' on gas cost risks

Norsk Hydro ASA

11/09/2026 08:04

** JPMorgan cuts Norwegian aluminium producer Norsk Hydro NHY.OL to "neutral" from "overweight", warning gas supply uncertainty at its Brazilian Alunorte alumina refinery could weigh on Q4 earnings
** The broker says Hydro may need to buy more gas at spot prices into Q4 after disruptions to contracted supply, potentially prompting higher cost guidance at its Q3 results
** The broker warns a sharp increase in gas costs could force production curtailments at Alunorte, while constrained Gulf aluminium supply and low inventories could support metal prices
** JPM lowers its PT by 16.4% to NOK 97, implying about 7% upside to Thursday's close
** Out of 21 analysts covering the stock, five rate it "strong buy" or "buy", 11 "hold" and five "strong sell" or "sell" 
** The aluminium producer's shares slip about 2%

(Reporting by Jesus Calero)
((jesus.calero@thomsonreuters.com))