Shell price target lowered to 3,200 GBp from 3,250 GBp at Bernstein

Bernstein analyst Irene Himona lowered the firm’s price target on Shell to 3,200 GBp from 3,250 GBp and keeps an Outperform rating on the shares. The firm’s 2024-25 base case factors in a six-month delay to the return of 2.2mb/d, which it still sees driving increased OECD inventory and a downgrade of its 2024 and 2025 Brent price assumptions to about $82 and $76 per barrel, respectively. Factoring into its numbers the new base case leads the firm to downgrade the European integrated sector’s aggregate dollar earnings by 12% in 2024 and by 12.5% in 2025, the analyst tells investors.