Does equipping a creature count as targeting it for purposes of hexproof?

Equip is an activated ability that uses the word "target" in its rules text (e.g., "Equip — attach to target creature you control"). Because it uses the word "target," it is subject to all targeting rules, including hexproof (CR 702.93a, CR 115.1).

Hexproof means the object "can't be the target of spells or abilities your opponents control" (CR 702.11b). Since the equip ability targets a creature, a creature with hexproof cannot be targeted by an opponent's equip ability. However, hexproof only protects against opponents' abilities — you can freely equip your own hexproof creatures with your own Equipment (CR 702.11b).

It's worth noting that the Equipment still moves legally once already attached; the targeting restriction only matters at the time the equip ability is activated and resolves. If the creature gains hexproof after the ability is already on the stack targeting it, the ability will be countered when it tries to resolve because the target is now illegal (CR 608.2b).

Concrete example: Your opponent controls a Slippery Bogle (which has hexproof). You control a Sword of Fire and Ice. You cannot activate Sword of Fire and Ice's Equip ability targeting your opponent's Slippery Bogle — it is an illegal target. However, if Slippery Bogle were your own creature, you could equip it freely.