TotalEnergies price target lowered to $66 from $68 at Piper Sandler

Piper Sandler lowered the firm’s price target on TotalEnergies (TTE) to $66 from $68 and keeps a Neutral rating on the shares. The firm is updating its Q2 estimates for TotalEnergies based on recently provided company guidance and modest adjustments to operating assumptions. Piper views operating guidance as largely in-line with expectations, while similar to peer updates, trading commentary suggests lower sequential contributions driven by market volatility. Despite solid implied sequential improvement in marketing results, Refining indicators and commentary suggest lower upside than the firm previously anticipated.