TotalEnergies : Berenberg raises target price

(CercleFinance.com) - Berenberg confirms its 'buy' recommendation on TotalEnergies shares, while raising its target price for them from E70 to E78, with EPS estimates for the French oil and gas group lowered by 5% for 2024, although raised for 2025 onwards.


After a solid first quarter driven by E&P and refining, the broker continues to like the group's strategy, which puts it ahead of its peers in the transition, and believes that Namibia adds to growth prospects.

"Valuation looks fuller relative to the last three years, but remains reasonable on an absolute basis and does not appear stretched if we compare it to a longer time period", the broker adds.


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.