(CercleFinance.com) – Berenberg on Monday renewed his buy recommendation on TotalEnergies, which he continues to consider as one of his two favorite stocks among the European ‘majors’, alongside Shell.
The German intermediary explains that he considers that the major energy groups of the Old Continent always offer good value for money, which leads him to also recommend stocks such as bp, OMV and Eni for purchase.
‘We believe that current valuations price in the scenario of a rapid return to a normalized market environment, while we expect a phase of high commodity prices to allow unprecedented levels of redistribution to shareholders on the basis of strengthening assessments expected over the next two years,’ he continues.
“Based on these principles, valuations do not appear so expensive at current levels, even based on a normalization of energy prices by 2024/25,” he concludes.
Its target price on Total thus goes from 58 to 66 euros.
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