Shell price target raised to 3,400 GBp from 3,200 GBp at Jefferies

Jefferies raised the firm’s price target on Shell (SHEL) to 3,400 GBp from 3,200 GBp and keeps a Buy rating on the shares. The firm noted that Wael Sawan started as Shell CEO on January 1, 2023, and in the three years since, two clear capital allocation trends stand out: lower costs and higher shareholder returns. Shell’s global LNG demand growth expectations have also increased, underpinning higher 2030 growth targets for an LNG business seen as a key differentiator, the analyst tells investors in a research note.