Morgan Stanley downgraded Equinor to Underweight from Equal Weight with a price target of NOK 264, down from NOK 355. Equinor “remains a high-quality firm with a strong asset base and prudent management,” but the firm expects the shares to lag the sector this year, the analyst tells investors. The firm cites three reasons for that view: its “relatively bearish” outlook for European gas prices, downside risk to Equinor’s consensus forecasts and a more conservative view on shareholder distributions than consensus.
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