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Total: Berenberg still a buyer

( - Berenberg maintains its buy rating on the Total share, with a target price of 40 euros, referring to a stock that is increasingly tending to "differentiate" itself within the oil sector.

In a note sent to its clients, the German broker highlights the French energy group's desire to continue to grow its existing activities, while expanding into low-carbon businesses and continuing to pay a dividend.

"The balance sheet has suffered through the downturn, but gearing is not at uncomfortable levels, and cost reductions combined with a recovering oil price will protect it from further near-term downside," Berenberg predicts.

The broker also welcomes the efforts undertaken by the group to accelerate its energy transition and to set precise targets in the renewable energy sector.

"LNG and deep water will drive attractive upstream returns, and the downstream continues to be resilient," Berengerg says.

"The stock is increasingly differentiating itself among its peers," it concludes.

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