Bernstein downgraded Shell (SHEL) to Market Perform from Outperform with a 3,100 GBp price target, naming TotalEnergies (TTE) as the firm’s most preferred stock among European Oil and Gas names, replacing Shell. TotalEnergies’ production growth is among the strongest in the group and it offers resilience given its low unit production cost and higher distribution yield than peers, the analyst tells investors. Shell remains a “core holding,” but offers more muted valuation upside potential, the analyst added.
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