08:45 AM EDT, 07/24/2025 (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 lower our 12-month target price to USD49 (from USD50), based on a 2025 P/E of 8.4x, which reflects 0.5 standard deviation below its 10-year forward P/E of 10.4x given the expected 2026 earnings decline on lower crude oil prices. TTE's H1 2025 adjusted net income of USD7.77B (-21% Y/Y) fell short of expectations, representing only 51%-52% of full-year forecasts, while Q2 results declined 15% sequentially to USD3.6B on lower commodity prices. Sequentially, Q2 2025 adjusted net income fell 15% to USD3.6 billion on lower Brent oil prices, gas prices, and hydrocarbon production, partly mitigated by firmer European refining margins. Hence, our EPS forecasts are cut to USD5.80 (from USD7.20) for 2025 and USD5.60 (from USD6.90) for 2026 on lower margin assumptions. We maintain our Sell rating given TTE's fair 64% correlation to crude oil price movements over the past five years against the backdrop of a potential cyclical downturn amid unwinding OPEC production cuts and weaker global economic prospects.