03:50 AM EDT, 04/04/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We update our target price for TotalEnergies (TTE) to $80 (from $71), reflecting 1.6x P/NAV, a premium to peer average of 1.4x, justified in our view by TTE's higher ROE. We lift our 2024 EPS forecast to $9.50 (from $9.25) and 2025 EPS to $9.55 (from $9.40). We believe rising concern about supply security caused by the recent drone attack on Russian refineries will temporarily boost hydrocarbon prices and refining margins. In addition, we think the temporary boost could extend for a sustained period with driving season nearing, electric vehicle sales appearing to grow more softly in 2024, and replenishment of the U.S. strategic petroleum reserve. We keep our Buy call on TTE and continue to like the company for its low pre-dividend free cash flow breakeven point of below $25/bbl of Brent crude, defensive upstream asset portfolio with steady hydrocarbon annual production growth of 2%, focus on low-cost LNG projects, alongside a solid renewable portfolio that generates robust CFFO.