Total: Berenberg raises target price

(CercleFinance.com) - Berenberg maintains its "hold" rating on Total shares, while increasing its target price for them from 39 euros to 42 euros, based on higher EPS estimates (+2% for 2022 and 2023) and an estimated average Brent crude price of 60 dollars per barrel for this period.


It estimates 2021 EPS to increase by 46%, "due mainly to higher commodity prices, but also due to better Integrated Gas, Renewables & Power results assumed".

"Total continues to offer the highest dividend yield of the European majors, at 6.8% currently, along with an ambitious strategy for the energy transition", the broker says, which even so only sees limited catalysts in the near term.


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