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Shell: it's time to take profit, SG believes.

(CercleFinance.com) - Société Générale (SG) has issued a report on the oil and gas giant Royal Dutch Shell, which yesterday published quarterly results that were better than expected.

That may be the case, but upside potential (now seems) more limited, SG says in its report. As such, it has downgraded its buy rating on the group's B share to "hold," even though the broker has raised its 12-month target price from 2,350 pence to 2,660 pence.

Indeed, Shell has reported quarterly results that exceeded the consensus by 14%. In addition, and taking into account new oil price estimates, analysts have raised their EPS guidance for 2017 to 2019 by over 20%. Note that SG now expects Brent at 56 dollars per barrel in 2018, up from 50 dollars previously.

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