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Shell: Berenberg upgrades to 'buy'

(CercleFinance.com) - Berenberg has upgraded its rating on the Royal Dutch Shell share to "buy," raising its corresponding target prices to 33.
5 euros and 2800 pence, in a report on several European oil and gas sector shares.

"Shell still faces headwinds, with weak gas and liquefied natural gas (LNG) prices expected to persist through 2020. Management has also flagged weak Q4 earnings but we believe that much of this is now in the price and that the company has the opportunity to surprise positively," analysts say.

Berenberg therefore highlights, "production growth that is focused on high-margin barrels (Appomattox, Prelude and Brazil), ongoing capital discipline and a potential improvement in crude prices and refining margins".

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