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Shell Rating, Forecasts Updated as AlphaValue/Baader Europe Notes Commodity Price Changes

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AlphaValue/Baader Europe updated its rating and earnings forecasts for Shell (SHEL.L, SHELL.AS) on Tuesday as it took into account a recalibrated commodity environment.

The research firm changed its opinion on the British oil and gas giant's stock to add from buy, with a price target of 38.51 pounds sterling.

Analysts also cut their 2026 EPS projection by 6.42% to $4.01, while that for 2027 was reduced by 9.21% to $4.09.

"We have lowered our benchmark EPS for 2026, 2027 and 2028, driven by the reduced Brent deck flowing through to upstream realised liquids prices," analysts wrote in a note. "We have updated our DCF to reflect the recalibrated commodity environment, with Brent at 87 $/bbl in 2026 (from 95), 72 $/bbl in 2027 (from 80) and 65 $/bbl in 2028 (from 75)."

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