RBC Capital analyst Biraj Borkhataria lowered the firm’s price target onTotalEnergies (TTE) to EUR 70 from EUR 75 and keeps an Outperform rating on the shares. The company’s Capital Markets Day struck a cautious tone, with the management team looking to prepare the business for a weaker macro environment while preserving the broader strategic direction, the analyst tells investors in a research note. The capex cuts primarily focus on the power segment, where consensus estimates did not appear to fully reflect the prior growth targets anyway, the firm added.
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