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Bernstein SocGen Group downgraded Shell PLC (LON:SHEL:LN) from Outperform to Market Perform on Tuesday, while reducing its price target to GBP31.00 from GBP36.00.
The research firm cited Shell’s "good run since 2024" and acknowledged that management has "got control of costs and culture" at the energy giant.
Bernstein noted that Shell’s capital discipline, restructuring efforts, simplification, and turnaround appear "well embedded in market consensus," leaving limited room for positive surprises.
The downgrade reflects Bernstein’s view that Shell now has "limited valuation upside" after its recent performance, making it "difficult to see how it can surprise" investors going forward.
The firm’s revised GBP31.00 price target represents a reduction of approximately 14% from its previous GBP36.00 target for the London-listed energy company.
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