TD Cowen Reiterates a Hold Rating on Equinor ASA (EQNR), Sets a $22 PT

Equinor ASA (NYSE:EQNR) is one of the best undervalued stocks to buy under $50. On October 31, TD Cowen analyst Jason Gabelman reiterated a Hold rating on Equinor ASA (NYSE:EQNR) and set a $22 price target.

Why Equinor ASA (EQNR) Is Gaining This Week?

Separately, Equinor ASA (NYSE:EQNR) reported on November 9 the awarding of new framework agreements for insulation, scaffolding, and surface treatment (ISS) at its onshore plants in Norway, signed with the the joint venture Beerenberg Services AS / Linjebygg AS, KAEFER Energy AS, Bilfinger ISP Offshore Norway AS, and StS-ISONOR AS.

Management reported that this collectively represents over a thousand full-time equivalents, with a duration of up to eight years; four years firm with options for extra two-year extensions. The agreements have an estimated value of around NOK 17 billion.

Equinor ASA (NYSE:EQNR) further reported that with the current agreements expiring at year end, the new ones would be formally put into effect on January 1, 2026. The company expects a “gradual transition” between the new and existing suppliers to ensure operational continuity.

​Equinor ASA (NYSE:EQNR) explores, transports, produces, refines, and markets petroleum and petroleum-derived products. The company’s operations are divided into the following segments: Exploration and Production Norway, Exploration and Production International, Exploration and Production USA, Marketing, Midstream, and Processing, Renewables, and Other.

While we acknowledge the potential of EQNR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EQNR and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.