TotalEnergies: UBS confirms buy recommendation

(CercleFinance.com) - UBS believes that the company's new-quarter results were mixed.
However, it confirms its Buy recommendation on the stock, with an unchanged target price of E67, representing 17% upside potential.

We do not consider the underperformance after the earnings release to be fully justified. The shares remain attractive with an FCF yield of around 10% and a distribution yield of around 11%, UBS says.

TotalEnergies reported adjusted net income of $4.07bn for Q3 2024, compared with $6.45bn a year ago, in a bearish oil environment, with refining margins down sharply.


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