Jefferies downgraded TotalEnergies to Hold from Buy with a price target of EUR 65, down from EUR 69. The firm reduced gas price assumptions and says names with higher exposure to spot prices, like TotalEnergies, are seeing the most material impact on its earnings forecasts. Jefferies is close to strip prices in 2024 but sees 12% and 39% downside for 2025 and 2026, respectively.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on TTE:
- TotalEnergies initiated with an Overweight at Morgan Stanley
- OPEC+ Disagreements Drag Oil Prices Down
- U.S. regulators say Gulf oil spill to impact several producers, Reuters says
- US will unveil global nuclear fusion strategy at COP28, Reuters reports
- OPEC+ to consider more supply cuts, Reuters reports