Commodities
JPMorgan Downgrades Norsk Hydro Stock Amid Gas Supply Worries
Norsk Hydro's stock rating was downgraded by JPMorgan from Overweight to Neutral due to concerns over natural gas supply disruptions at the company's Alunorte alumina refinery in Brazil.
The firm cited ongoing issues with gas supply, which led to a temporary curtailment and prompted management to purchase gas volumes at spot prices. This resulted in JPMorgan revising its third-quarter and fourth-quarter 2026 EBITDA forecasts for Norsk Hydro by 13% and 24%, respectively.
The analyst placed the stock on Negative Catalyst Watch ahead of third-quarter results scheduled for October 23, warning that potential upside to cost guidance at the earnings release could trigger consensus earnings downgrades.