TotalEnergies: Berenberg maintains buy rating, reduces TP

(CercleFinance.com) - Berenberg reinstates its "buy" rating on TotalEnergies shares, while trimming its target price for them from 66 euros to 63 euros, after a quarterly publication that included solid FCF and continued share buybacks at around two billion dollars per quarter.


"The portfolio has absorbed the loss of Russian assets and continues to offer attractive growth, both in conventional oil and gas and renewables," the broker said, pointing to a double-digit total shareholder return.

Berenberg has nevertheless reduced its estimates for TotalEnergies, with EPS down 5% and 7% for 2022 and 2023 respectively, due to slightly lower expected earnings in exploration and production, integrated gas, renewables and power.



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