Goldman Sachs reported on Monday that it has raised its rating on Royal Dutch Shell plc (RDS-A
The firm has upgraded Shell from “Sell” to “Buy,” and has raised the company’s price target from $69 to $71. This new price target suggests a 7% upside from the stock’s current price of $65.88.
An analyst from the firm noted: “We believe that the underlying business is sound and highly cash generative, with higher exposure than peers to long-lived assets and slightly better production/cash flow growth in the coming years. TOTAL's 15% outperformance since indicating a capex reduction and upside to disposals shows in our view how eager the market is for improvements in capital efficiency, and we believe that Shell's new management is most likely to steer the market in that direction from very low expectations.”
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Royal Dutch Shell shares were mostly flat during pre-market trading Monday. The stock is down 4% YTD.
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