RBC Capital lowered the firm’s price target on Norsk Hydro to NOK 80 from NOK 85 and keeps an Outperform rating on the shares. The firm notes the company’s Q4 missed expectations mainly driven by weaker recycling margins. Guidance was also weaker than expected for the Metal Markets and Extrusions segment. RBC also reduced its EBITDA by 6% for 2024 but remains bullish on the name as it views the bad news and the poor guidance as in the price.
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