RBC Capital downgraded Equinor to Sector Perform from Outperform with a price target of NOK 350, down from NOK 390. Equinor looks set to re-lever its balance sheet faster than expected given a more subdued macro outlook and the firm’s lower commodity deck, the analyst tells investors. 2024 distributions could be more modest than anticipated a few months ago which, coupled with potential negative earnings revisions, leaves the firm seeing a more balanced risk-reward.
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