TotalEnergies downgraded to Hold from Buy at Berenberg

Berenberg downgraded TotalEnergies (TTE) to Hold from Buy with a price target of $64, down from $67. The company spending leaves a higher reinvestment ratio than peers and less cash available for shareholder returns in the near-term, the analyst tells investors in a research note. Berenberg expects TotalEnergies to cut its buyback over the coming quarters to protect the balance sheet and maintain a lower gearing level.