UBS confirms its Buy recommendation on the stock, with an unchanged target of NOK 77, following its investor meeting (CMD). This target represents a 20% increase on the current price.

The analyst believes that organic growth forecasts are encouraging, but that earnings forecasts are disappointing.

' In our view, CMD was disappointing due to lower short-term earnings forecasts, but updated medium-term growth targets are encouraging' says UBS.

The group plans to accelerate its growth in aluminum recycling and extrusion, with increased ambitions in renewable energies.

For 2023, Hydro says it anticipates investments of around 22.5 billion crowns, one billion less than its previous forecast, an amount that should then remain at around 15 billion in 2024, as in the following four years.

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