Eni downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic analyst Peter Low downgraded Eni (E) to Neutral from Buy with a price target of EUR 13.40, down from EUR 17.50. The oil market was looking “increasingly precarious” even prior to the announcement of widespread U.S. tariffs on April 2, the analyst tells investors in a research note. The firm says that due to spare capacity combined with a deteriorating demand outlook, it now expects the market to be oversupplied. Redburn sees oil prices falling below $60 per barrel by year-end. This leads it to cut forecasts and downgrade Equinor and Chevron to Sell, and Eni to Neutral.