Oddo BHF confirms its 'outperform' recommendation on TotalEnergies and raises its target price from 72 to 75 euros, after the oil and gas group published first-quarter results 2.2% ahead of expectations.

In addition, the consultancy is examining the possibility of moving the stock's primary listing (and not its domiciliation) to the USA, a market where oil companies are better perceived than in Europe.

Oddo BHF believes that the stock should trade at a multiple of five times the 2024 CFFO and deserves a premium over the sector. The stock offers an excellent yield of 10%, one of the best in the sector", it continues, mentioning its lead in the transition.

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