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.
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