Analysts at Piper Sandler and HSBC continue to hold buy ratings on Shell (LON: SHEL) shares despite mixed adjustments to price targets following recent market developments and oil price volatility.
Piper Sandler raised its price target on Shell to $80 from $72 in a note Tuesday while maintaining an Overweight rating on the stock.
The firm acknowledged a reduced outlook for 2025 and 2026 commodity prices but lifted its mid-cycle natural gas forecast to $3.50 per MMBtu from $3.25.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Analysts at Piper Sandler remain confident in Shell’s balance sheet strength, resource depth, and visible growth trajectory, suggesting the company is well-positioned to weather potential market softness.
However, they flagged risks to the current rate of shareholder returns, warning that, at $55–$65 per barrel Brent crude, Shell’s cash flow from operations would only cover a fraction of the ongoing share buyback programme.
Meanwhile, HSBC lowered its price target on Shell to 2,930p from 3,130p in a note Wednesday but reaffirmed a Buy rating.
The bank cited the decline in oil prices since April as a key pressure point, noting that current levels challenge the financial models of integrated oil majors, which were originally built around $70 per barrel oil.
Despite cutting its earnings forecasts for the sector, HSBC continues to view Shell favourably.
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