RBC Capital downgraded Shell (SHEL) to Sector Perform from Outperform with a price target of 3,200 GBp, down from 3,600 GBp. The firm believes the company is “running uphill” on its chemicals restructuring given the challenging market dynamics. Portfolio concerns may persist unless Shell is able to address it through acquisitions, the analyst tells investors in a research note. RBC sees headwinds across international gas and trading, both of which Shell is exposed to.
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