(CercleFinance.com) – The stock ended the day up nearly 2% as Berenberg reaffirmed its ‘buy’ recommendation on Shell with price targets raised from 27.5 to 28.4 euros (A share) and 2350 to 2375 pence (B share), after the publication of a solid performance for the last quarter of 2021.
The broker is adjusting its estimates for the oil-gas company based on the results, raising its EPS estimates by 4% and 3% for 2022 and 2023 respectively, due to higher expected results in integrated gas and upstream.
“We believe Shell will deliver the highest returns in 2022 in a decade, while returning around 9% of its market capitalization to shareholders in cash,” said Berenberg, who also continues to find the valuation attractive.
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