EQNR delivered supportive Q1 figures, which showed a slightly stronger cash build than expected, and we make a few positive cost-related revisions on the back of the report. Due to the improved oil market balance following the wide-ranging OPEC+ agreement last month, we upgrade to Hold and raise our TP to NOK 140, reflecting an avg. P/E of 12.5x in 2021/2022 based on a Brent price of USD 50 and 60 for those two years.
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Neutral risk/reward
EQNR delivered supportive Q1 figures, which showed a slightly stronger cash build than expected, and we make a few positive cost-related revisions on the back of the report. Due to the improved oil market balance following the wide-ranging OPEC+ agreement last month, we upgrade to Hold and raise our TP to NOK 140, reflecting an avg. P/E of 12.5x in 2021/2022 based on a Brent price of USD 50 and 60 for those two years.