RBC Capital raised the firm’s price target on TotalEnergies to EUR 80 from EUR 75 and keeps a Sector Perform rating on the shares. The company’s strong earnings and cash generation across the sector have been supported by macro tailwinds, but with these factors fading, investors may shift towards companies with portfolio depth and those that can grow underlying cash flows in a flat oil price scenario, the analyst tells investors in a research note. TotalEnergies screens best among the European majors on that basis, RBC added.
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