TD Cowen lowered its price target on Equinor to $37 from $42 while maintaining a Hold rating. The new target still implies nearly 18% upside from current levels. The firm noted that higher output supports the outlook but will be offset by increased capital expenditures, and highlighted greater visibility around share buybacks. Equinor plans to spend $3 billion on buybacks this year, up from $1.5 billion projected earlier, and targets a 5% annual dividend increase with $2 billion to $4 billion in yearly buybacks from 2027. TD Cowen sees more material outperformance only after the company reaches its free cash flow inflection point in 2029.
Equinor ASA ADRTD Cowen cut price target to $37 from $42, citing higher capex offsetting output gains
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