Total "buy," target price raised

07.07.08 - Deutsche Bank

LONDON, July 7 (newratings.com) - Analyst Lucas Herrmann of Deutsche Bank maintains his "buy" rating on Total SA (TOTB), while raising his estimates for the company. The target price has been raised from ?74 to ?76.

In a research note published this morning, the analyst mentions that the oil price estimates for 2008 and 2009 have been raised from $96/bbl and $102.5/bbl, respectively, to $120/bbl. The WTI oil price estimate for 2010 has been raised from $95/bbl to $100/bbl. The EPS estimates for 2007 and 2008 have been raised by 14% and 7%, respectively, reflecting the revised oil price estimates.