1101 GMT - Equinor shares have performed very strongly this year and the risk-reward ratio has now clearly deteriorated, SB1 Markets analyst Teodor Sveen-Nilsen writes. The bank believes that the Norwegian energy major's strong performance has been primarily driven by higher oil and, above all, gas prices, combined with the company's large exposure to spot prices. The capital market update was also well received, while the renewable energy strategy has become more balanced. The current share price already seems to discount 1-2 years of exceptionally high profits, but SB1 Markets' main scenario is that oil and gas prices and shares in the sector are lower in 6-12 months. The bank downgrades the stock rating to sell from neutral and reiterates its 365 Norwegian kroner target price. Shares fall 0.4% to 386.20 kroner.