BofA upgraded Equinor to Buy from Neutral with a price target of $37, up from $34. The stock fits into the more defensive positioning of the firm’s year ahead 2024 outlook for Europe’s big oils, the analyst tells investors in a research note. The firm believes Equinor will be able to rely on more sources of resilience in what will be a year of range-bound oil and gas prices. BofA sees the company’s earnings momentum inflecting from a trough in Q2 2023 toward 11% growth year-over-year in 2024.
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