UPDATE: Credit Suisse Initiates Outperform on Total on Projected Positive Upstream Volumes

In a report published Thursday, Credit Suisse analyst Thomas Adolff initiated an Outperform rating on Total TOT and initiated a price target of €48.50. In the report, Credit Suisse says "With over 95% of projects underlying Total's 2017 target already in production or development, we believe the trajectory of upstream volumes is turning positive, signalling the beginning of a period of strong upstream growth. Combined with a decreasing capital intensity, we expect Total to be one of the leaders in FCF generation, providing scope for further lower-risk dividend growth. We initiate coverage with an Outperform rating and €48.5 target price. On the Global Oils team, Total, Chevron and Royal Dutch Shell are our preferred majors." Total closed on Wednesday at €44.14.