RBC Capital upgraded TotalEnergies (TTE) to Outperform from Sector Perform with an unchanged price target of EUR 80. The shares have underperformed the sector materially recently, due to uncertainty in French politics as well as some company specific issues related to its recent investments, the analyst tells investors in a research note. The firm says gas prices, which the company is geared to, have been “creeping higher.” As such, TotalEnergies offers a compelling growth story over the coming years, contends RBC.
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