TotalEnergies: Berenberg remains long, raises its target

( – Berenberg reiterates its ‘buy’ advice on TotalEnergies and slightly raises its price target to 65 euros, leaving its EPS estimate broadly unchanged for 2022, but increasing that for 2023 by 2% due to stronger gas results. solids expected.

‘The group remains well positioned to grow in LNG over the medium term, has an attractive pipeline of conventional projects to support cash flow in E&P (exploration and production) and continues to have the most ambitious growth plans’ , he judges.

‘As the low-carbon business expands, confidence in the long-term sustainability of cash flow should increase, underscoring the stock’s attractive valuation which trades at 4.4 times 2023 EPS’, continues the broker.

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