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TotalEnergies upgraded to Buy from Neutral at Citi

Citi upgraded TotalEnergies (TTE) to Buy from Neutral with a price target of EUR 70, up from EUR 61. The inherent value in European energy “sits as a key beneficiary of a lower equity-risk premium in Europe,” and TotalEnergies is emerging as the premium-quality energy name through which to take benchmark weighting, the analyst tells investors in a research note. The firm thinks the market underestimates the volume and margin growth within the company’s core Upstream business.

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