Equinor: shares up on Credit Suisse upgrade

%(CercleFinance.com) - The Equinor share has risen by up to 1.
7% to 155.3 Norwegian kronor on Wednesday after Credit Suisse upgraded the stock from "underperform" to "outperform".

Switching its preferences amongst European integrated oil and gas majors, Credit Suisse pointed out that Equinor has underperformed Eni by about 15% year-to-date in US dollars, driven by weak gas fundamentals.

However, this weakness is more than priced in, the analysts said.

"We are coming to the end of the summer lull and, while gas inventories are rising fast, we may still see a gas price recovery as we enter the peak winter season," Credit Suisse noted.

Equinor shares are outperforming Norway's blue chip index OSEBX, which, in comparison, is up 0.9%.

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