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Investing.com - RBC Capital has reiterated its Outperform rating on TotalEnergies (NYSE:TOT) with a price target of $70.00, highlighting the company’s resilient business performance. The stock currently trades near its 52-week high of $21.11, with a year-to-date return of 3.18%.
The reaffirmation follows TotalEnergies’ recent trading update, which RBC analyst Biraj Borkhataria suggests demonstrated stronger-than-expected performance despite operational challenges. According to InvestingPro analysis, the stock maintains relatively low price volatility, though technical indicators suggest it may be entering overbought territory.
Prior to the update, many investors had anticipated disappointing results due to LNG outages and downstream maintenance activities that could have impacted the energy company’s performance.
Despite these operational hurdles, the trading update revealed what RBC described as "the resiliency of the business," suggesting TotalEnergies maintained solid performance through challenging conditions.
RBC Capital expects market reaction to the trading update to be positive, as the results appear to have exceeded the tempered expectations many investors held heading into the announcement.
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