TotalEnergies: Berenberg maintains buy rating, ups TP

(CercleFinance.com) - Berenberg maintains its buy rating on TotalEnergies shares, having nudged up its target price for them to 65 euros, leaving its 2022 EPS estimate broadly unchanged, although up its 2023 EPS estimate by 2% due to stronger expected gas results.


"The company remains well positioned to grow in liquefied natural gas (LNG) over the medium term, has an attractive pipeline of conventional projects to sustain core exploration and production (E&P) cash flow and continues to have the most ambitious growth plans for renewable generation capacity in the sector," analysts say.

"As the low-carbon business grows, confidence in the longer-term sustainability of cash flows should increase, highlighting the attractive valuation of the shares, which are trading on 4.4x 2023E P/E," the broker adds.



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