Equinor upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Martijn Rats upgraded Equinor to Equal Weight from Underweight with a price target of $28.50, up from $26.40. The analyst held negative view on European gas prices in recent months, to which Equinor has high exposure, and also expected Equinor to signal falling shareholder distributions at its full-year results. Both factors have now largely run their course, the analyst tells investors in a research note. The firm says the company’s free cash flow yield still does not screen as compelling, but adds its 17% total distribution yield in 2024 “will likely start providing some support.”