Wolfe Research analyst Sam Margolin upgraded TotalEnergies to Outperform from Peer Perform with a $72 price target. The company has led its European peers in debt repayment and should have a "smoother rate of change" in shareholder returns in 2023, even with lower commodity prices, Margolin tells investors in a research note. TotalEnergies paid down more debt than peers in 2022 and should have flatter shareholder returns in 2023, says the analyst.
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