Improvement not without obstacles

A bit messy, but still an underlying 5% beat

Equinor (Sell, TP: NOK200.00) - Running out of energy

We expect lowered renewables targets and capex guidance at its Q4 results and Capital Markets Update to be overshadowed by limited will or capacity for attractive shareholder distributions beyond 2025, with a soft production outlook and still-rising capex weighing on FCF. Based on having to fund buybacks from net debt from 2026e, we see significant downside risk for Equinor shares to trade in line with peers on 2026e total shareholder yields. We have downgraded to SELL (HOLD) and cut our target price to NOK200 (300).

BioArctic (Buy, TP: SEK350.00) - Positive CHMP opinion

With the positive CHMP opinion after the Q3 report, the quarterly results were a non-event. Leqembi can now be launched in the first markets in Europe in H1 2025. On the development side, BioArctic highlighted the pre-clinical data on its Brain Transporter (BT) technology, which showed the mechanism significantly increases the transport of large molecules (mAbs) across the blood brain barrier (BBB). We reiterate our BUY and have raised our target price to SEK350 (270), adding the EU market opportunity back to our model.