TotalEnergies: Oddo still a buyer
(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on TotalEnergies shares, along with a target price of 51 euros, with the share being its top pick in the sector, in particular believing that the start of the group's share buyback in Q4 will prove to be a good catalyst for the share.
In the wake of a strategy presentation, the broker points out that the energy group expects growth in the coming years to mainly come from LNG, and that it has raised its ROE target from 10% to 12% in 2025.
The stock has risen by 18% YTD, although has underperformed its peers by 10%, with it still trading at an attractive valuation, with a 13% discount in terms of P/E and in line in P/CF, while it merits a premium for its best-in-class status in terms of energy transition, the broker adds.
The share is currently down about 1% at 41 euros in Paris.
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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.
In the wake of a strategy presentation, the broker points out that the energy group expects growth in the coming years to mainly come from LNG, and that it has raised its ROE target from 10% to 12% in 2025.
The stock has risen by 18% YTD, although has underperformed its peers by 10%, with it still trading at an attractive valuation, with a 13% discount in terms of P/E and in line in P/CF, while it merits a premium for its best-in-class status in terms of energy transition, the broker adds.
The share is currently down about 1% at 41 euros in Paris.
Copyright (c) 2021 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.