BofA upgrades Equinor on 'hotter' winter gas price outlook

Equinor ASA

18/09/2026 11:07

** BofA Global Research upgrades Norwegian energy company Equinor EQNR.OL to "buy" from "neutral", reflecting the brokerage's forecast for "hotter" winter gas prices in Europe
** BofA raises its Title Transfer Facility, or TTF, a virtual trading point for gas, price forecast to average €95/MWh for the winter
** It says this provides a "supercharged boost" to Equinor's FCF outlook, significantly raising its estimates for the metric across 2026 and 2027
** The brokerage expects Equinor to exit 2027 with more than $10 billion in net cash, leaving room for upgrades to share buyback estimates
      ** It raises Equinor's price target by 16% to NOK 465, saying the shares offer attractive insurance against a longer closure of the Strait of Hormuz; the stock closed at NOK 416.30 on Thursday
** Out of 29 analysts that cover Equinor, six rate it "strong buy"/"buy",​ 16 "hold" and nine​ "strong sell"/"sell"  - SEG data

(Reporting by Agnieszka Olenska)
((Agnieszka.Olenska@thomsonreuters.com;))