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SWISS BROKER UBS MOVES SHELL TRANSPORT FROM ‘BUY’ TO ‘NEUTRAL’

The Times: SWISS BROKER UBS MOVES SHELL TRANSPORT FROM “BUY” TO “NEUTRAL”

By Nick Hasell

Stock Markets

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.

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