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Shell: BofA Merrill Lynch sees upside, raises target price

( - BofA Merrill Lynch has raised its target price for the Royal Dutch Shell share from 2,660 pence to 3,100 pence, seeing over 35% upside in the stock.

In a note to clients, the broker - which has a "buy" rating on the Anglo-Dutch oil major - said that yesterday's weak quarterly earnings were mostly due to "temporary effects."

BofAML said it expects the shares' re-rating process to gather pace with Total's upcoming Capital Markets Day (CMD) on 24 September, which, in its view, will echo Shell's strategy.

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