In a Q3 earnings preview for the European Energy sector, Morgan Stanley analyst Martijn Rats upgraded Equinor to Equal Weight from Underweight. The analyst maintained a Cautious sector stance, given the “weak” oil outlook into 2025, but noted that with a “tighter” gas market, the firm upgraded Equinor back to Equal Weight. Morgan Stanley added that it sees a “particularly bearish sentiment” for BP (BP), Repsol (REPYY), and Neste (NTOIY).
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