Morgan Stanley analyst Martijn Rats downgraded Equinor (EQNR) to Underweight from Equal Weight with a price target of NOK 230, down from NOK 248. Upstream portfolios remain in “rude health,” pointing to oil an gas production growth towards 2030, albeit only modest and less than last year, the analyst tells investors in a research note. The firm added that it remains cautious on the sector, with its views remaining heavily influenced by oil and gas prices, where risk are skewed to the downside. The analyst added that, in the end, it estimates that all buyback programs are at risk.
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