Deutsche Bank Downgrades TOTAL S.A. (TOT) to Hold

Deutsche Bank downgraded TOTAL S.A. (NYSE: TOT) from Buy to Hold.

Analyst Lucas Herrmann said, "We expect the robust European refining environment to go some good way to offset the negative impact of the collapse in crude prices with net income as a consequence falling by a relatively modest 26%. Upstream production should show strong progress albeit that this in large part will reflect the inclusion of c160kb/d of production from the renewed ADCO contract in the UAE. With the shares now at our €48 PT and despite strong conviction in Total’s forward direction, we move the shares back to Hold given their current valuation."

For an analyst ratings summary and ratings history on TOTAL S.A. click here. For more ratings news on TOTAL S.A. click here.

Shares of TOTAL S.A. closed at $52.01 yesterday.

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