The Times: SWISS BROKER UBS MOVES SHELL TRANSPORT FROM “BUY” TO “NEUTRAL”
By Nick Hasell
June 23, 2004
Weakness in the oil majors also played a part in the index retreat, with Shell Transport off 4¼p at 407½p after UBS moved from “buy” to “neutral”. The Swiss broker has raised its capital expenditure forecasts from 2005 onwards to $15 billion, at the top end of the range indicated by the company. UBS thinks the shares still offer “reasonable value”, but not enough to justify a positive rating.