(CercleFinance.com) – AlphaValue on Wednesday raised its recommendation on Shell shares, raised to ‘buy’ against ‘accumulate’ so far, with a price target maintained at 2246 pence.
The independent research firm explains that it has revised its oil price forecasts upwards, now counting on a barrel of Brent at 75 dollars on average this year then 65 dollars in 2023.
Its previous forecast was for a barrel of $70 in 2022 and $55 next year.
AlphaValue, which therefore raises its net profit target of around two billion dollars for Shell this year, recalls that the distribution to shareholders should increase with the improvement in the outlook for the oil group.
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