Shell price target lowered to $66.20 from $69.50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Shell to $66.20 from $69.50 and keeps an Equal Weight rating on the shares. After steady underperformance in recent months, the risk/reward outlook for European energy has improved, the analyst tells investors in a research note. The firm says the underperformance does not yet meet its bar for a full sector upgrade, but it reiterates Overweight ratings on BP and TotalEnergies, closed its Underweight rating for Equinor and upgraded Repsol to Overweight.