(CercleFinance.com) – TotalEnergies lost more than 1% in Paris, penalized by an analysis by Berenberg which reaffirmed its ‘buy’ recommendation on the stock while lowering its target price from 66 to 63 euros.
‘The portfolio has absorbed the loss of Russian assets and continues to offer attractive growth, both in conventional oil and gas and in renewable energies’, underlines the broker, who also points to a double-digit total shareholder return.
Berenberg nevertheless adjusts its estimates for TotalEnergies, with EPS down 5% and 7% for 2022 and 2023 respectively, due to slightly lower profits expected in exploration-production, integrated gas, renewables and electricity.
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