BofA downgraded Shell (SHEL) to Neutral from Buy with a price target of 3,100 GBp, down from 3,200 GBp. Lower oil and gas prices and deflating refining margins will “leave the sector grappling for more FCF cushions than it is already sitting on” and the firm sees “fewer inorganic cushions available that are not already discounted in elevated share prices,” the analyst tells investors in a European oil and gas look ahead note for 2026.
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