UBS downgraded Equinor (EQNR) to Sell from Neutral with a price target of NOK 230, down from NOK 245. The firm expects Equinor’s earnings to disappoint over the next couple of years amid lower commodity prices and a lack of growth in both oil & gas and low carbon, the analyst tells investors in a research note. UBS expects Equinor’s returns to decline to $6.2B in 2026 as the company’s gearing rises, limiting its ability to use debt to maintain shareholder returns.
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