Morgan Stanley analyst Martijn Rats lowered the firm’s price target on TotalEnergies to $78.10 from $79.70 and keeps an Overweight rating on the shares. After steady underperformance in recent months, the risk/reward outlook for European energy has improved, the analyst tells investors in a research note. The firm says the underperformance does not yet meet its bar for a full sector upgrade, but it reiterates Overweight ratings on BP and TotalEnergies, closed its Underweight rating for Equinor and upgraded Repsol to Overweight.
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