Bernstein upgraded TotalEnergies (TTE) to Outperform from Market Perform with a EUR 67 price target, naming it as the firm’s most preferred stock among European Oil and Gas names, replacing Shell (SHEL), which the firm also downgraded to Market Perform. TotalEnergies’ production growth is among the strongest in the group and it offers resilience given its low unit production cost and higher distribution yield than peers, the analyst tells investors.
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