Analyst Tina Vital says the company faces higher costs.
Royal Dutch Shell (RDS.A ) : Cuts to 3 STARS (hold) from 4 STARS (buy)
Analyst: Tina Vital
Based on valuation, we are lowering our opinion on the American Depositary Receipts (ADS) of Royal Dutch Shell to hold. While the fourth quarter current cost of supplies (CCS) earnings rose by 3.4% to $5.4 billion, or $1.64 per ADS, it missed our estimate by 31 cents on increased costs and narrowed marketing and chemical margins. Hydrocarbon production fell 8.8% on Gulf storm losses; we expect growth of 2 to 3% in 2006 and 2007. We are reducing our 2006 operating earnings estimate per ADS by $2.06 to $6.00, and 2007's by $2.09 to $5.75. We are lowering our 12-month target by $3 to $70 per ADS, a discount to peers.
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SHELL PROPPED UP APARTHEID
ARTICLE: U.S. unions urge boycott of Shell to fight apartheid: 19 Jan 1986
ARTICLE: Shell, South Africa and Apartheid: 16 Oct 2012
ARTICLE: Shell propped up racist apartheid regime in South Africa: 24 Nov 2012
ARTICLE: The Neptune Strategy:Shell, propped up Apartheid in South Africa: 26 Nov 2012
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