Goldman Sachs published a report raising the target price of Rosalco (00486-HK) from HK$2.5 per share to HK$3.0 per share, maintaining its recommendation. Goldman Sachs also revised the target price of Norilsk Nickel (Norilsk Nickel) from $14.0 per ADR share to $14.5 per ADR, leaving the recommendation unchanged.

The forecast price for aluminum in 2016 rose from $1,414 to $1,554 per ton; the price of nickel rose from $8,500 to $9,739 per ton. Goldman Sachs also updated the financial models of Rusal and Norilsk Nickel accordingly. Although changes in the ruble/dollar exchange rate slightly offset changes in metal prices, Goldman Sachs revised Rosalco's 2016 EBITDA forecast from US$950 million to US$1.2 billion, and Norilsk Nickel's forecast EBITDA from US$3.18 billion upward to US$3.46 billion. The profit forecast for 2017 also improved, which also led to an adjustment in the target price.