Equinor: TD Cowen lowers target price to NOK 360 from NOK 392

TD Cowen has revised its price target for Equinor ASA (NYSE:EQNR), lowering it to NOK 360 from NOK 392 while maintaining a "Hold" rating on the stock. The adjustment follows Equinor’s recent decision to invest $1 billion in Ørsted’s rights issue to preserve its 10% ownership stake, a move that TD Cowen suggests could be more costly if the company were to offload its renewable energy spending through a joint venture.

Equinor’s stock is currently trading at $25.00, with a market capitalization of $63.2 billion, and is considered undervalued by some analysts. The firm’s financial performance has shown mixed results, with second-quarter 2025 earnings per share (EPS) of $0.64, slightly below expectations, while revenue exceeded forecasts at $25.14 billion.

TD Cowen also noted that Equinor’s earnings are likely to remain sensitive to global gas prices, which are expected to stay elevated through the winter season. Additionally, the firm’s third-quarter EPS forecast is below consensus, partly due to a $1 billion non-cash mark-to-market adjustment on its Ørsted stake.

Equinor operates across multiple segments, including exploration and production in Norway and internationally, marketing, midstream processing, and renewables. The company reported 4.07% decline compared to the prior year total revenue of $102.50 billion for the past fiscal year.