Wolfe Research upgraded Shell (SHEL) to Outperform from Peer Perform with an $80 price target The pullback in the shares is an attractive entry point ahead of the company’s strategy update that should provide strategy targets through 2030, and Shell’s now more-balanced strategy embraces its legacy oil and gas portfolio with the most immediate impact lower cash spending and structural cost savings, the analyst tells investors in a research note. The 2025 update has the potential to rebase Shell’s free cashflow growth outlook beyond a view on “real” oil prices, the firm adds.
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