Total: BarCap maintains 'Overweight' rating; adjusts target
(CercleFinance.com) - Barclays Capital (BarCap) has reinstated its "overweight" rating on the Total stock, while shaving its target price from 66 euros to 65 euros, in a sector report on major European oil and gas companies.
"The 38% fall in the Brent oil price over the course of just 12 weeks was not what we had expected and reflected the impact of a remarkable combination of political and economic factors on a market that had largely rebalanced," the broker says, which reduces its Brent oil price assumption to 60 dollars per barrel for 2019.
BarCap now expects annual budgets to be close to the lower end of target ranges, although it thinks that there is still has enough financial capacity to start or continue share buybacks by some companies in the sector.
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