Piper Sandler lowered the firm’s price target on TotalEnergies (TTE) to $62 from $77 and keeps a Neutral rating on the shares. Despite the general bearishness on crude oil, driven by the uncomfortable realities of a well-supplied market that is wrestling with the long-term demand implications of a suddenly “mortal” China, Piper views the integrated oil companies as relatively well-positioned within energy, both in terms of relative earnings resilience, solid underlying growth, resource depth, and sustainable shareholder returns, the analyst tells investors in a research note.
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Read More on TTE:
- TotalEnergies price target lowered to EUR 66 from EUR 72 at JPMorgan
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- TotalEnergies to acquire VSB for EUR 1.57B, sell 50% portfolio in some projects
- TotalEnergies Secures Major LNG Deal with Sinopec
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
