(News Bulletin 247) – Berenberg reaffirms its ‘buy’ recommendation on TotalEnergies, but lowers its price target from 69 to 67 euros, after the publication of ‘solid results in the first quarter, helped by strong refining margins’.
‘Concerning the second quarter, the macroeconomic environment is weaker, with a recent sharp drop in refining margins and an expected average selling price for LNG of 10 to 12 dollars per mmbtu’, however notes the broker.
While acknowledging “stable cash generation despite a weaker macro economy”, Berenberg is adjusting its estimates for the oil-gas group, with expected EPS reduced by 8% for 2023 and 0.3% for 2024.
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