Barclays downgraded Equinor (EQNR) to Equal Weight from Overweight with an unchanged price target of NOK 325. The firm believes European energy is set for a material up-cycle in oil prices, as non-OPEC supply growth slows significantly and continued strength in demand reduces OPEC+ spare capacity rapidly. Investors should use the next 12 months to build positions in key names, the analyst tells investors in a research note.
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