--- a/gas/config/tc-i386.c
+++ b/gas/config/tc-i386.c
@@ -167,7 +167,7 @@ static int i386_finalize_displacement (s
 				       const char *);
 static int i386_att_operand (char *);
 static int i386_intel_operand (char *, int);
-static int i386_intel_simplify (expressionS *);
+static int i386_intel_simplify (expressionS *, bool);
 static int i386_intel_parse_name (const char *, expressionS *, enum expr_mode);
 static const reg_entry *parse_register (const char *, char **);
 static const char *parse_insn (const char *, char *, enum parse_mode);
@@ -13526,7 +13526,7 @@ x86_cons (expressionS *exp, int size)
   intel_syntax = -intel_syntax;
 
   if (intel_syntax)
-    i386_intel_simplify (exp);
+    i386_intel_simplify (exp, false);
 
   /* If not 64bit, massage value, to account for wraparound when !BFD64.  */
   if (size <= 4 && expr_mode == expr_operator_present
--- a/gas/config/tc-i386-intel.c
+++ b/gas/config/tc-i386-intel.c
@@ -378,30 +378,56 @@ i386_intel_simplify_register (expression
   return 2;
 }
 
-static int
-i386_intel_simplify_symbol (symbolS *sym)
+static symbolS *
+i386_intel_simplify_symbol (symbolS *sym, bool in_equate)
 {
   if (symbol_resolving_p (sym))
-    return 1;
+    return sym;
 
-  symbol_mark_resolving (sym);
-  int ret = i386_intel_simplify (symbol_get_value_expression (sym));
-  if (ret == 2)
+  segT seg = S_GET_SEGMENT (sym);
+  if (seg != expr_section && seg != reg_section && !symbol_equated_p(sym))
+    return sym;
+
+  for (;;)
     {
-      S_SET_SEGMENT (sym, absolute_section);
-      ret = 1;
+      /* While we're after equates, symbol_equated_p() isn't suitable here.  */
+      if (symbol_on_chain(sym, symbol_rootP, symbol_lastP))
+	{
+	  in_equate = true;
+	  sym = symbol_clone (sym, 0);
+	}
+      else if (in_equate)
+	{
+	  expressionS *e = symbol_get_value_expression (sym);
+
+	  if (e->X_op == O_symbol && !e->X_add_number)
+	    {
+	      sym = e->X_add_symbol;
+	      continue;
+	    }
+	  sym = make_expr_symbol (e);
+	}
+
+      break;
     }
+
+  symbol_mark_resolving (sym);
+  int ret = i386_intel_simplify (symbol_get_value_expression (sym), in_equate);
+  if (ret == 2)
+    S_SET_SEGMENT (sym, absolute_section);
   symbol_clear_resolving (sym);
-  return ret;
+
+  return ret ? sym : NULL;
 }
 
 static int
-i386_intel_simplify (expressionS *e)
+i386_intel_simplify (expressionS *e, bool in_equate)
 {
   const reg_entry *the_reg = (this_operand >= 0
 			      ? i.op[this_operand].regs : NULL);
   const reg_entry *base = intel_state.base;
   const reg_entry *state_index = intel_state.index;
+  symbolS *newsym;
   int ret;
 
   if (!intel_syntax)
@@ -412,18 +438,21 @@ i386_intel_simplify (expressionS *e)
     case O_index:
       if (e->X_add_symbol)
 	{
-	  if (!i386_intel_simplify_symbol (e->X_add_symbol)
+	  newsym = i386_intel_simplify_symbol (e->X_add_symbol, in_equate);
+	  if (!newsym
 	      || !i386_intel_check(the_reg, intel_state.base,
 				   intel_state.index))
 	    return 0;
+	  e->X_add_symbol = newsym;
 	}
       if (!intel_state.in_offset)
 	++intel_state.in_bracket;
-      ret = i386_intel_simplify_symbol (e->X_op_symbol);
+      newsym = i386_intel_simplify_symbol (e->X_op_symbol, in_equate);
       if (!intel_state.in_offset)
 	--intel_state.in_bracket;
-      if (!ret)
+      if (!newsym)
 	return 0;
+      e->X_op_symbol = newsym;
       if (e->X_add_symbol)
 	e->X_op = O_add;
       else
@@ -433,12 +462,13 @@ i386_intel_simplify (expressionS *e)
     case O_offset:
       intel_state.has_offset = 1;
       ++intel_state.in_offset;
-      ret = i386_intel_simplify_symbol (e->X_add_symbol);
+      newsym = i386_intel_simplify_symbol (e->X_add_symbol, in_equate);
       --intel_state.in_offset;
-      if (!ret || !i386_intel_check(the_reg, base, state_index))
+      if (!newsym || !i386_intel_check(the_reg, base, state_index))
 	return 0;
+      e->X_add_symbol = newsym;
       i386_intel_fold (e, e->X_add_symbol);
-      return ret;
+      return 1;
 
     case O_byte_ptr:
     case O_word_ptr:
@@ -461,8 +491,10 @@ i386_intel_simplify (expressionS *e)
 	  as_bad (_("invalid use of register"));
 	  return 0;
 	}
-      if (!i386_intel_simplify_symbol (e->X_add_symbol))
+      newsym = i386_intel_simplify_symbol (e->X_add_symbol, in_equate);
+      if (!newsym)
 	return 0;
+      e->X_add_symbol = newsym;
       i386_intel_fold (e, e->X_add_symbol);
       break;
 
@@ -473,10 +505,12 @@ i386_intel_simplify (expressionS *e)
 	  as_bad (_("invalid use of register"));
 	  return 0;
 	}
-      if (!i386_intel_simplify_symbol (e->X_op_symbol)
+      newsym = i386_intel_simplify_symbol (e->X_op_symbol, in_equate);
+      if (!newsym
 	  || !i386_intel_check(the_reg, intel_state.base,
 			       intel_state.index))
 	return 0;
+      e->X_op_symbol = newsym;
       if (!intel_state.in_offset)
 	{
 	  if (!intel_state.seg)
@@ -503,16 +537,26 @@ i386_intel_simplify (expressionS *e)
 	  if (!intel_state.in_scale++)
 	    intel_state.scale_factor = 1;
 
-	  ret = i386_intel_simplify_symbol (e->X_add_symbol);
-	  if (ret && !has_index && intel_state.index)
-	    scale = symbol_get_value_expression (e->X_op_symbol);
-
-	  if (ret)
-	    ret = i386_intel_simplify_symbol (e->X_op_symbol);
-	  if (ret && !scale && !has_index && intel_state.index)
-	    scale = symbol_get_value_expression (e->X_add_symbol);
+	  newsym = i386_intel_simplify_symbol (e->X_add_symbol, in_equate);
+	  if (newsym)
+	    {
+	      e->X_add_symbol = newsym;
+
+	      if (!has_index && intel_state.index)
+		scale = symbol_get_value_expression (e->X_op_symbol);
+
+	      newsym = i386_intel_simplify_symbol (e->X_op_symbol, in_equate);
+	    }
+
+	  if (newsym)
+	    {
+	      e->X_op_symbol = newsym;
+
+	      if (!scale && !has_index && intel_state.index)
+		scale = symbol_get_value_expression (e->X_add_symbol);
+	    }
 
-	  if (ret && scale)
+	  if (newsym && scale)
 	    {
 	      resolve_expression (scale);
 	      if (scale->X_op != O_constant
@@ -522,7 +566,7 @@ i386_intel_simplify (expressionS *e)
 	    }
 
 	  --intel_state.in_scale;
-	  if (!ret)
+	  if (!newsym)
 	    return 0;
 
 	  if (!intel_state.in_scale)
@@ -568,9 +612,13 @@ i386_intel_simplify (expressionS *e)
       /* FALLTHROUGH */
     default:
     fallthrough:
-      if (e->X_add_symbol
-	  && !i386_intel_simplify_symbol (e->X_add_symbol))
-	return 0;
+      if (e->X_add_symbol)
+	{
+	  newsym = i386_intel_simplify_symbol (e->X_add_symbol, in_equate);
+	  if (!newsym)
+	    return 0;
+	  e->X_add_symbol = newsym;
+	}
       if (!the_reg && this_operand >= 0
 	  && e->X_op == O_symbol && !e->X_add_number)
 	the_reg = i.op[this_operand].regs;
@@ -579,14 +627,19 @@ i386_intel_simplify (expressionS *e)
 	  base = intel_state.base;
 	  state_index = intel_state.index;
 	}
-      if (!i386_intel_check (the_reg, base, state_index)
-	  || (e->X_op_symbol
-	      && !i386_intel_simplify_symbol (e->X_op_symbol))
-	  || !i386_intel_check (the_reg,
-				(e->X_op != O_add
-				 ? base : intel_state.base),
-				(e->X_op != O_add
-				 ? state_index : intel_state.index)))
+      if (!i386_intel_check (the_reg, base, state_index))
+	return 0;
+      if (e->X_op_symbol)
+	{
+	  newsym = i386_intel_simplify_symbol (e->X_op_symbol, in_equate);
+	  if (!newsym)
+	    return 0;
+	  e->X_op_symbol = newsym;
+	}
+      if (!i386_intel_check (the_reg,
+			     e->X_op != O_add ? base : intel_state.base,
+			     (e->X_op != O_add ? state_index
+					       : intel_state.index)))
 	return 0;
       break;
     }
@@ -654,7 +707,7 @@ i386_intel_operand (char *operand_string
   expr_mode = expr_operator_none;
   memset (&exp, 0, sizeof(exp));
   exp_seg = expression (&exp);
-  ret = i386_intel_simplify (&exp);
+  ret = i386_intel_simplify (&exp, false);
   intel_syntax = 1;
 
   SKIP_WHITESPACE ();
--- /dev/null
+++ b/gas/testsuite/gas/i386/equ2.d
@@ -0,0 +1,10 @@
+#source: equ.s
+#objdump: -t
+#name: i386 equates (symtab check)
+
+.*: +file format .*
+
+SYMBOL TABLE:
+.* \.text	.*
+!.* \*ABS\*	.*
+#pass
--- a/gas/testsuite/gas/i386/i386.exp
+++ b/gas/testsuite/gas/i386/i386.exp
@@ -726,6 +726,7 @@ if [gas_32_check] then {
 	run_dump_test "pcrel-elf"
 	run_dump_test "relax"
 	run_dump_test "gotpc"
+	run_dump_test "equ2"
 	run_dump_test "tlsd"
 	run_dump_test "tlspic"
 	run_dump_test "tlsnopic"