Shell: Berenberg raises price targets

(CercleFinance.com) - Berenberg reiterates its 'buy' recommendation on Shell, with price targets raised from 3150 to 3250 pence and from 37.
5 to 39 euros, in the wake of an adjustment to its estimates for the Anglo-Dutch energy company.

The German broker thus reduces its EPS forecast for 2025 by 2%, due to lower earnings in the integrated gas division, but raises its forecast for 2026 by 6%, due to a higher earnings assumption in the downstream business.

Shareholders are well remunerated, with the majority of the 13% FCF yield being returned in the form of dividends and share buybacks', Berenberg also notes, adding that 'the share remains cheap, trading on a 2025 P/E of 9.4 times'.

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