Shell price target raised to $106 from $89 at Piper Sandler

Piper Sandler raised the firm’s price target on Shell (SHEL) to $106 from $89 and keeps an Overweight rating on the shares. The firm is revising forward estimates and price targets on the back of a $5.00/bbl increase in its mid-cycle WTI price forecast, driven by lasting impacts of the war in Iran. While the duration of outages in the Middle East remains highly uncertain, Piper’s commodity macro team, led by Global Energy Strategist, Jan Stuart, anticipates that 2026 crude balances will tighten by about 2.0 Mb/d vs. prior expectations, while lingering impacts/risk premiums and global resource tightening will raise the bar on future investment.