TotalEnergies: RBC raises its price target

(CercleFinance.com) - RBC announced on Wednesday that it had raised its target price for TotalEnergies shares from €75 to €80, ahead of the Group's investor day on Wednesday, October 2 in New York.


The Canadian broker, which maintains its 'performance in line with sector' opinion on the stock, explains that the results of energy sector players have so far been underpinned by strong economic growth.

With the current slowdown in activity, the broker believes that investors will focus more on companies with sufficiently rich portfolios to enable them to grow their cash flow even in a scenario of stable oil prices.

From this point of view, RBC believes that TotalEnergies is one of the most interesting stocks to play among the European 'majors' due to the diversity of its businesses, even if the stock is trading at a premium despite a FCF yield lagging behind the rest of the sector.

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