Nomura Securities Downgrades Total S.A. (TOT) to Neutral

Nomura Securities downgraded Total S.A. (NYSE: TOT) from Buy to Neutral and lowers their price target from EUR 56 to EUR 50.

Analyst Theepan Jothilingam said, "The group strategy is well set and there should be increased flexibility as capex is lowered next year towards USD 25bn. Nonetheless, with cash flow momentum 2H loaded as upstream projects ramp, the shares trading in line with 10-year history on 12-month forward P/E and the Total investment case heavily dependent on execution, we believe it is an appropriate time to take profits."

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 $59.74 yesterday.

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