Equinor upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Equinor (EQNR) to Overweight from Equal Weight with an unchanged price target of NOK 400. The market appears too negative on European natural gas with Barclays’ 2025 forward prices 35% above consensus, the analyst tells investors in a research note. With limited new liquified natural gas supplies into 2025, the firm sees gas as a relative area of strength. As a result, it upgraded Equinor to Overweight.