TD Cowen lowered the firm’s price target on Equinor (EQNR) to $38 from $40 and keeps a Hold rating on the shares. The firm raised its 1Q26 EPS as a result of an estimated non-cash benefit from ORSTED valuation. Excluding this, EPS is unchanged and above consensus. The company should hold-up in the immediate future given Cowen’s view of strong global gas prices into summer.
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