TotalEnergies upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Martijn Rats upgraded TotalEnergies to Overweight from Equal Weight with a price target of EUR 64, down from EUR 66. The analyst says TotalEnergies is the only European major with an upstream portfolio that "embeds significant growth potential," can fund all capex required to realize that growth itself, and can then fund all consensus shareholder distributions to 2030 while leaving substantial free cash flow for the rest of the company. In addition, TotalEnergies has a "clear and ambitious strategy for energy transition and one of the strongest balance sheets," the analyst tells investors in a research note.