TD Cowen lowered the firm’s price target on TotalEnergies (TTE) to $102 from $106 and keeps a Buy rating on the shares. The firm upped the company’s earnings estimates ahead of the Q1 report to reflect higher oil and gas trading. TotalEnergies will likely use its excess cash to reduce leverage before increasing distributions, the analyst tells investors in a research note. TD keeps the stock as a top pick, citing recent commodity moves for the target cut.
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