UPDATE: Societe Generale Upgrades Total to Buy on Valuation, Yield and Catalysts

Societe Generale raised its rating on Total

from Hold to Buy. Societe Generale said, "Value on its own means little - stocks need a “story” to drive a rerating; we think Total has an unfolding story: aggressive portfolio management promises to divest non core or low return businesses, with a targeted $15-20bn of disposals announced for 2012-14 and over 50% of that under negotiation currently. … We believe the components are there to deliver top line and free cash flow growth – in due course, supported by ongoing exploration success, improving downstream results, and an attractively low valuation: sub sector 2013e PE, above-average yield." Total closed at $50.40 on Wednesday.