LONDON (ShareCast) - Societe Generale has lowered its price target for French oil giant Total to 45.50 euros from 47 euros due to the ongoing gas leak in Elgin.

Nonetheless, the investment bank has decided to maintain its buy recommendation for the stock.

In the case of a total production shutdown at Elgin ($7.7bn), Societe Generale believes that the impact on Total would be €2.90 per share.

Analysts at the French firm believe that the Elgin incident has temporarily hurt the investor confidence that Total had gained with a more dynamic strategy.

The uncertainty will lead investors to take into consideration a pessimistic scenario as long as the leak in Elgin continues, says Societe Generale.

MJ.J.

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