Wells Fargo raised the firm’s price target on Shell (SHEL) to $94 from $77 and keeps an Equal Weight rating on the shares. With a ceasefire in Iran, the firm moves its long-term oil forecast to $75/$70 Brent/WTI. As in 2022, a mid-cycle correction sets up an entry point for a more orderly re-rating of advantaged stocks, adds Wells.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHEL:
- Shell downgraded to Neutral from Buy at Rothschild & Co Redburn
- Midday Fly By: Delta reports Q1 beat, Bed Bath & Beyond to buy F9 Brands
- Greenland Energy (NASDAQ: GLND) Positioned at Center of Energy Independence Push Amid Global Supply Risks
- Morning Movers: Delta Air Lines and RPM jump following quarterly results
- Shell sees Q1 adjusted EPS ($1.00)-(80c), consensus $1.88