Oddo BHF maintains its 'outperform' rating on TotalEnergies shares, with a price target raised from 72 to 75 euros.

' TotalEnergies remains one of our top picks in the Oil sector', says the analyst, who considers the new 2024/2028 plan to be 'ambitious', based on selective growth in Upstream production (+2/3% per year) and significant development in Renewables.

Its lead in this field is undeniable, and has enabled it to raise its profitability target for iPower, which will be a source of rerating over time. This plan should enable a return of cash to shareholders >40% of CFFO, while the share's valuation remains attractive (FCF yield at 13.3%)", concludes the analyst.

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