JPMorgan upgraded TotalEnergies (TTE) to Overweight from Neutral with a price target of EUR 75, up from EUR 63. The firm recommends adding to European oil and gas positions following the full-scale military strikes in the Middle East. These “represent a tail-risk scenario becoming reality,” the analyst tells investors in a research note. JPMorgan says to buy stocks that offer oil leverage, production and resource longevity, and cheapening relative valuations under higher price scenarios.
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