Redburn Atlantic downgraded Equinor (EQNR) to Sell from Buy with a price target of NOK 230, down from NOK 330. 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.
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Read More on EQNR:
- Equinor price target lowered to NOK 325 from NOK 340 at Berenberg
- Equinor downgraded to Underperform from Sector Perform at RBC Capital
- Equinor suspends offshore construction activities for Empire Wind project
- Equinor price target lowered to NOK 285 from NOK 310 at Morgan Stanley
- Equinor upgraded to Neutral from Underperform at Oddo BHF
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