(CercleFinance.com) – Berenberg reiterates its ‘buy’ recommendation on Shell, with price targets adjusted to 32.5 euros/2,800 pence, against 32 euros/2,850 pence previously, returning to an investor day organized by the energy group on June 14th.
The broker notes that it has moved away from longer-term volume targets to instead focus on cost discipline, notably targeting a short-term improvement in the underlying FCF per share of 10% per annum of here in 2025.
“We view the strategy as positive for shareholders and believe that over time it will lead to higher returns for shareholders and a revaluation of the stock, which remains attractive at 7.4x 2024 EPS,” he indicates.
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