Barclays upgraded Galp Energia (GLPEY) to Overweight from Equal Weight with a price target of EUR 23, up from EUR 20. 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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