Shell price target lowered to $89 from $93 at Piper Sandler

Piper Sandler lowered the firm’s price target on Shell (SHEL) to $89 from $93 and keeps an Overweight rating on the shares. The firm notes shares suffered through a challenging day, despite Q4 results that were largely in-line, outside of transient weakness in the Marketing segment. The miss, however, exacerbated prior concerns on balance sheet expansion to cover buybacks in the near-term, and long-term upstream resource depth, Piper adds.