BofA Lifts TotalEnergies Price Objective, Forecasts After Q3 Trading Update

08:31 AM EDT, 10/16/2026 (MT Newswires) -- BofA Global Research raised its price objective and forecasts for TotalEnergies (TTE.PA, TTE.L) after the energy group's third-quarter trading statement, noting less production loss in the Middle East. "Our updated net income estimate of [greater than] $8.5bn for 3Q leaves another ~6% consensus upside. We also lift our organic CFFO estimate by [more than] $2bn for 3Q26, thanks to stronger oil trading, refining margin capture and higher production, to ~$12bn vs VA consensus lagging at $11.5bn," analysts said Friday. "We highlight our view that TTE will end the decade in net cash territory while assuming average CFFO payout of 41% until the end of the decade. We continue to see production to grow at ~3% (inline with company guidance) and helping to fuel a ~5% earnings CAGR over the same time frame." As such, the price objective was bumped up to 89 euros from 88 euros, while the stock's buy rating was retained, with BofA noting TotalEnergies remains its "top Big Oil pick" and part of its "25 for 2026" list. The research firm also increased its adjusted EPS estimate for 2026 by 3.6%, while the 2027 and 2028 forecasts were both lifted by 0.8%. EBITDA and free cash flow projections for all three years were upwardly revised as well. TotalEnergies is set to publish its full third-quarter results on Oct. 29.