Shell: shares gain on Berenberg upgrade
(CercleFinance.com) - Shell shares are up nearly 2.
5% on Wednesday after Berenberg upgraded the stock from "hold" to "buy" after the oil giant reported a "solid set" of third-quarter results last month.
"The stock has fallen about 50% this year, and while the environment remains very challenging in the near term, Shell has adapted to a low price environment, leaving an increasingly attractive risk/reward skew for the stock", Berenberg analysts say in a note.
Berenberg is maintaining its target price of 1,450 pence for Shell B shares, while trimming its target price for Shell A shares from 17 euros to 16 euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
5% on Wednesday after Berenberg upgraded the stock from "hold" to "buy" after the oil giant reported a "solid set" of third-quarter results last month.
"The stock has fallen about 50% this year, and while the environment remains very challenging in the near term, Shell has adapted to a low price environment, leaving an increasingly attractive risk/reward skew for the stock", Berenberg analysts say in a note.
Berenberg is maintaining its target price of 1,450 pence for Shell B shares, while trimming its target price for Shell A shares from 17 euros to 16 euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.