HSBC analyst Kim Fustier upgraded Shell (SHEL) to Buy from Hold with a price target of 3,700 GBp, up from 3,350 GBp. The firm cites its higher cash flow estimates and the company’s improved medium-term upstream growth visibility post the ARC Resources deal for the upgrade. Shell’s valuation to TotalEnergies is unwarranted given Shell’s higher distribution yield, lower Middle East exposure, and narrowing gap on upstream visibility, the analyst tells investors in a research note.
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