Barclays downgraded Equinor (EQNR) to Underweight from Equal Weight with a price target of NOK 230, down from NOK 325. The firm upgraded Galp and downgraded Equinor on “diverging 2026 capital frameworks and operational trajectories.” It sees Galp entering an upstream growth phase supported by a disciplined capex plan, and believes Equinor faces elevated execution risk in renewables alongside stretched distribution capacity.
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