Morgan Stanley Boosts ADNOC Gas Rating on Potential Strait of Hormuz Reopening
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Morgan Stanley upgraded ADNOC Gas to overweight from equal-weight, raising the price target to AED 4.20 due to potential reopening of the Strait of Hormuz. The bank noted ADNOC Gas's vulnerability to disruptions in this shipping lane, with significant impacts on export volumes and profits. FY26 revenue and EBITDA forecasts were trimmed by 8%, while FY27 and FY28 EBITDA projections were increased by 9% and 5.1%, respectively, based on higher Brent crude price expectations. The updated price targets range from AED 2.60 to AED 5.90, reflecting the Strait's critical influence on ADNOC Gas's outlook.
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