TotalEnergies Rallies After TD Cowen Upgrade and Price-Target Hikes

Overview

• TD Cowen upgraded TotalEnergies to Buy, raised its price target to $97, and named the company its top integrated oil pick.
• JPMorgan maintained a Buy rating with a €75 target, and Piper Sandler lifted its target to $92 while keeping a Neutral stance.
• TotalEnergies has begun shutting or preparing to shut operations in Qatar, Iraq, and offshore UAE, and declared force majeure on Qatari LNG, while onshore UAE output continues via the Fujairah terminal.
• Management says the affected sites represent about 15% of production but roughly 10% of upstream cash flow, with 2026 growth expected mainly from assets outside the region.
• TD Cowen projects free cash flow rising to around $18.5 billion by 2030, sees an estimated 10% FCF yield in 2026, and highlights a dividend yield of about 5%.