TotalEnergies: Berenberg upgrades stock
(CercleFinance.com) - Berenberg has upgraded its rating on TotalEnergies shares to "buy", nudging up its target price for them from 57 euros to 58 euros, stressing that the group has "reported a strong Q1, with results ahead of expectations across all main divisions".
While the stock has "lagged peers ytd despite strong operational performance", the broker expects "the company to deliver an extremely attractive FCF yield of 17% in 2022, with one of the highest dividend yields in the group".
"We believe that Russia-related risk is fully reflected in the price, and think there are attractive growth options in Brazil, Mozambique, the US and Suriname," Berenberg adds, which has increased its EPS estimate by 29%/16% for 2022/2023.
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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.
While the stock has "lagged peers ytd despite strong operational performance", the broker expects "the company to deliver an extremely attractive FCF yield of 17% in 2022, with one of the highest dividend yields in the group".
"We believe that Russia-related risk is fully reflected in the price, and think there are attractive growth options in Brazil, Mozambique, the US and Suriname," Berenberg adds, which has increased its EPS estimate by 29%/16% for 2022/2023.
Copyright (c) 2022 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.