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TotalEnergies Forecasts Updated at BofA After Solid Q1

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BofA Global Research updated its estimates for TotalEnergies (TTE.PA, TTE.L) after the French energy giant's first-quarter financial report.

"We only finetune our estimates after TTE's strong 1Q26 results (EUR86 PO unchanged): Pre-tax earnings beat even our above-consensus estimates in all divisions. TTE's 39% effective tax rate, however, exceeded our 34% and consensus 36% expectations. But our slightly trimmed FY26 estimates (despite now assuming >40% effective taxation) remain >20% ahead of VA consensus," the research firm said Thursday.

The adjusted EPS projections for 2026 and 2027 were reduced to $13.03 and $12.46, respectively, from $13.66 and $12.69. For 2028, the adjusted EPS forecast was cut to $12.54 from $12.71.

"We continue to see TTE as our Big Oil top pick as well as one of BofA's '25 for 2026' ideas across Europe," analysts noted, maintaining the stock's buy rating.

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