"equals" is it. To be on the safe side, you should test for null-ness:
x == y || (x != null && x.equals(y))
the x==y tests for null==null, which IMHO should be true.
The code will be inlined by the JIT if it is called often enough, so performance considerations should not matter.
Of course, avoiding "Integer" in favor of plain "int" is the best way, if you can.
[Added]
Also, the null-check is needed to guarantee that the equality test is symmetric -- x.equals(y) should by the same as y.equals(x), but isn't if one of them is null.