Barclays maintains Neutral outlook on Russian Oil & Gas Sector
- Within the Russian Big 4, firm prefers Lukoil (OW, PT $50) and Novatek (OW, PT $90) owing to better dividends for the former and a key de-risking catalyst for the latter. They have also downgraded Gazprom to Underweight (UW, PT $4.75) and reiterate our rating on Rosneft (UW, PT $4).