Shell: shares rise after Morgan Stanley upgrade

(CercleFinance.com) - Royal Dutch Shell shares are up on Thursday, after Morgan Stanley upgraded the stock and raised its target price for the Anglo-Dutch oil giant, as it sees a dividend increase on the cards.


Looking ahead to Shell's investor day, the broker said it sees a "meaningful chance" of a dividend increase - the first since 2014.

"Our long-term concerns still stand but with this prospect, the shares are unlikely to underperform short term," MS said, adding that it will review its rating after the company's management Day in London on 4 June.

The broker also raised its target price for the share from 2,310 pence to 2,490 pence.

Shell shares were up 0.6% at 2,426.5 pence in lunchtime trading in London, outperforming the FTSE 100 index, which was down 0.4%.

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