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Equinor: Jefferies downgrades to 'underperform

( - Jefferies announced on Wednesday that it had downgraded its opinion on Equinor from 'hold' to 'underperform', with a price target reduced from NOK 330 to NOK 270.

In a study of the European oil sector, the analyst highlights the company's heavy dependence on the gas market, which he expects to start deteriorating from 2024 onwards.

The intermediary also points to a lack of upside potential for shareholder remuneration, with the consensus forecasting a 16% decline by 2024.

Jefferies also cites problems currently encountered with its renewable energy projects, namely a postponement of the Dogger Bank project and provisions in wind power in the northeastern USA.

According to the professional, Equinor's excessive valuation should begin to come under pressure as the energy market normalizes.

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