Morgan Stanley likes the major European energy firm's 'clear and ambitious strategy' and says it has one of the strongest balance sheets in the industry.
Morgan Stanley upgraded the shares of French energy firm TotalEnergies . That's thanks in part to the the company's "significant" growth potential, its strong balance sheet and an "ambitious strategy" for the energy transition, according to the bank. In a March 21 note, Morgan Stanley upgraded the stock from equal weight to overweight, raising its price target to 64 euros — representing nearly 16% upside.
" The bank found that the upstream portfolios of European major energy companies are strong enough to keep oil and gas production stable — at least till end of the decade. Morgan Stanley said TotalEnergies is one of few companies under its coverage of energy companies with growth potential, and estimates it has the ability to support 3.8% growth annually till 2030.
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