Berenberg reaffirms its 'buy' recommendation on TotalEnergies and raises its target price from €70 to €78, with EPS estimates for the French oil and gas group lowered by 5% for 2024, but raised for 2025 and beyond.

After a solid first quarter driven by E&P and refining, the broker continues to view favorably the group's strategy, which puts it ahead of its peers in the transition, and believes that Namibia adds to growth prospects.

'The valuation seems fuller compared with the last three years, but remains reasonable on an absolute basis and does not seem exaggerated when compared with a longer period', the broker also believes.

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