Morgan Stanley upgraded Equinor to Equal Weight from Underweight with a price target of NOK 324, up from NOK 290. The energy sector has an extended period ahead of strong free cash flow, buybacks and dividend growth, even without relying on commodity price upside, the analyst tells investors in a research note. Market expectations have moderated recently, consensus estimates are “beat-able” again and valuations look “compelling,” contends the firm.
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