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UBS has reaffirmed its Buy recommendation for Norsk Hydro, maintaining a target price of NOK 90, indicating a potential upside of 37%. The company's upstream results for Q1 2025 appear strong, with limited exposure to falling aluminum prices, although downstream and recycling sectors remain weak. Analysts noted that the recent CMD for 2024 offered mixed conclusions but provided encouraging insights on capital allocation and minority dividends.
US equities fell as President Trump announced a 25% tariff on foreign-made vehicles and parts, effective April 3, raising supply chain concerns. The S&P 500 dropped 1.1%, while defensive sectors like consumer staples led a rotation. In Europe, the ECB's discussions on monetary policy and credit growth data are pivotal, as Norges Bank is expected to cut rates despite rising inflation. Geopolitical tensions persist with stalled ceasefire talks between Ukraine and Russia, as EU leaders convene to address security concerns.
Deutsche Bank maintains a Buy rating for TUI AG, a global integrated tourism group based in Germany. TUI operates through three main segments: Hotels & Resorts, Cruises, and TUI Musement, across Northern, Central, and Western regions, along with various other operations. The Cruises segment includes TUI Cruises, which features brands like Mein Schiff and Hapag-Lloyd Cruises.
TUI AG, a Germany-based global tourism group, operates through three main segments: Hotels & Resorts, Cruises, and TUI Musement, across Northern, Central, and Western regions. The Hotels & Resorts segment includes group-owned hotel brands, while the Cruises segment features TUI Cruises and Marella Cruises. TUI Musement provides local services at holiday destinations, with regional operations covering the UK, Ireland, Germany, Austria, Poland, Switzerland, Belgium, the Netherlands, and France.
Heathrow Airport is closed due to a fire causing a power failure, while UBS threatens to relocate its headquarters amid capital demand concerns. FedEx and Nike both reported disappointing quarterly results, leading to significant stock declines. In Europe, various companies announced strategic moves, including Alfa Laval's acquisition of Fives group's cryogenics unit for €800 million and Energean's termination of an agreement with Carlyle.
European stock markets declined as investors reacted to recent monetary policy decisions, with Germany's DAX falling 1.9% and France's CAC 40 down 1.3%. Commerzbank shares plummeted over 5% after CEO Bettina Orlopp stated there had been no discussions with UniCredit regarding a stake acquisition. Meanwhile, oil prices saw slight declines following a report of increased U.S. crude inventories, despite signs of strong demand.
Rabobank's Jane Foley indicates that the US dollar is under pressure, with potential for short-term pullbacks against currencies like the euro, yen, and pound. Recent market movements suggest a shift away from US risky assets due to growth concerns, while the Federal Reserve faces challenges balancing inflation expectations with interest rate decisions.
Deutsche Bank has raised its price target for Yara International ASA from NOK340 to NOK357 while maintaining a Hold rating, citing a 5% increase in Q1 EBITDA estimates to $545 million due to higher fertilizer prices and cost savings. The company has shown a 19.79% YTD return and has paid dividends for 21 consecutive years. Meanwhile, BNP Paribas Exane upgraded Yara's rating from Underperform to Neutral, increasing its price target to NOK305, influenced by improved agricultural fundamentals despite concerns over blue ammonia.
Germany's Bundestag is poised to pass a constitutional amendment allowing increased borrowing for defense and a €500 billion infrastructure fund, while the UK faces budget cuts. The EUR/GBP is expected to remain below 0.8495, with potential for three more Bank of England rate cuts this year, contingent on improved UK growth prospects.
Nedbank and Norfund are acquiring a substantial minority stake in Pele Energy, investing $31 million to support the renewable energy company's growth. This follows a $135 million structured loan from the same investors and South Africa’s Industrial Development Corp. Pele aims to raise an additional two to three billion rand over the next two years to meet the country's renewable energy needs, targeting at least 30 gigawatts to transition from coal dependency.
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ubs maintains buy rating on norsk hydro with target price of nok 90
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