Redburn upgrades Equinor to Buy with European gas tightening

Redburn Atlantic upgraded Equinor (EQNR) to Buy from Neutral with a price target of NOK 300, up from NOK 290. The firm says that despite significant liquified natural gas capacity additions later in the decade, there are only a handful of projects ramping up in 2025, so Europe will have to compete with Asia for cargoes. Redburn does not expect any prospective Ukraine/Russia peace deal to result in the immediate return of Russian gas to Europe. Gas prices have already risen, the near-term risk/reward skew to the upside, and Equinor is the clear way to play this theme, the analyst tells investors in a research note.