TD Cowen analyst Jason Gabelman lowered the firm’s price target on TotalEnergies to $58 from $59 and keeps a Market Perform rating on the shares. The firm estimates they generated $3.5B earnings above mid-cycle in FY22 due to lng supply and trading benefits primarily driven by global gas and Brent spreads versus US gas. Cowen expects these impacts to moderate, resulting in worse earnings vs consensus relative to peers.
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