Norsk Hydro upgraded to neutral at J.P. Morgan

MADRID (MarketWatch) -- Norwegian aluminum producer Norsk Hydro was upgraded to neutral from underweight on Friday at J.P. Morgan, which said it was adjusting estimates based on an upgrade in its own aluminum price forecast. The investment bank said aluminum prices have ignored supply overhang, while the potential for energy asset disposals by Norsk Hydro further underpin the share prices. "Aluminium faces many headwinds relative to other metals (namely in terms of supply), but we also acknowledge that curtailments have helped mop up excess supply while a demand recovery (at least in terms of re-stocking) is underway,"