Shell: Berenberg raises TP

(CercleFinance.com) - Berenberg reiterates its 'buy' recommendation on Shell shares, with target prices raised from 3150 pence to 3250 pence and from E37.
5 to E39, in the wake of an adjustment to its estimates for the Anglo-Dutch energy company.

The German broker therefore reduces its 2025 EPS forecast by 2%, due to lower earnings in the integrated gas division, although 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 9.4x.


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