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UPDATE: Canaccord Genuity Upgrades Total S.A. to Hold on Dividend Sustainability

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Canaccord Genuity upgraded Total S.A. (NYSE: TOT) from Hold to Buy and raised the price target to $60.00.

Canaccord Genuity noted, "Total sees volume growth of 3%pa for 2011-15, or >4%pa from the depressed 2012 base. ... Capex is rising sharply to fund this growth, and organic free cash flow does not currently cover dividend payments. However, we are increasingly comfortable with the sustainability of dividends – and the highest prospective yield in the sector - given 1) Total's strong progress towards its $15-20bn disposals targets and 2) our confidence in the turnaround in its organic free cash generation."

Total S.A. closed at $49.50 on Thursday.

Latest Ratings for TOT

DateFirmActionFromTo
Nov 2014NomuraDowngradesBuyNeutral
Sep 2014Bank of AmericaUpgradesUnderperformNeutral
May 2014OddoDowngradesBuyNeutral

View More Analyst Ratings for TOT
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Upgrades Analyst Ratings

 

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