Berenberg downgraded Equinor to Sell from Hold with a price target of NOK 250, down from NOK 380. So far in 2023, the integrated oils have underperformed the European market, affected by falling oil and gas prices and weaker refining margins, which left the companies facing earnings downgrades, and in some cases re-basing buyback levels lower, the analyst tells investors in a research note. From here, the firm believes the earnings re-base is largely complete, with commodity prices stabilizing. It views Equinor as expensive based on Berenberg’s lower gas price assumptions.
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