Berenberg Raises TotalEnergies Target to €78, Maintains ‘Hold’ Rating

Private bank Berenberg raised its price target for TotalEnergies from €62 to €78. It kept the stock rating at Hold.

Analyst outlook

Analyst Henry Tarr issued the sector note on Wednesday afternoon. His baseline expects the Strait of Hormuz to reopen around mid-Q2.

Tarr links the Iran war to temporary shipping disruptions and oil price spikes. A reopening should ease supply fears and lower prices gradually.

Price assumptions and implications

Tarr increased his base assumptions for Brent oil in 2026 and 2027. He judges that prices will fall in the months after a reopening.

Stocks with potential upside

• Shell
• BP
• Repsol

At oil below $100, Tarr sees the largest upside at Shell, BP and Repsol. Under that scenario, those stocks could outperform peers.

The study was published on 1 April 2026 at 16:44 GMT. First dissemination details were not specified in the note.

For analyst disclosure information and potential conflicts, consult Filmogaz.com.