Goldman Sachs downgraded Equinor (EQNR) to Sell from Neutral with a price target of NOK 340, down from NOK 390, and downgraded Galp Energia (GLPEY) to Neutral from Buy with a price target of EUR 16, up from EUR 15, in conjunction with the firm’s early take preview of the European Oils group’s earnings for Q3. While updating estimates ahead of Q3 results, including a mark-to-market for Q3 macro and a higher 2024 Brent price, the firm cited strong recent share price performance, a lower FCF yield and a premium valuation for lowering its rating on Equinor to Sell. The firm’s downgrade of Galp cites recent outperformance of the shares and a lower shareholder returns yield compared to the peer average.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on EQNR:
- TechnipFMC awarded large iEPCI contract for Equinor’s Rosebank project
- Largest borrow rate increases among liquid names
- Equinor price target raised to NOK 320 from NOK 300 at JPMorgan
- Equinor participates in a conference call with JPMorgan
- Equinor upgraded to Equal Weight from Underweight at Morgan Stanley