Market Blog: John Partridge, today at 9:06 AM EDT
It’s time to take a pause on Royal Dutch Shell, according to analyst Jon Rigby at UBS Securities in London.
He said in a report Thursday that he has chopped his rating on the petroleum giant’s shares to “neutral 2” from “buy 2,” following a 30 per cent climb in their price in sterling terms since March.
They were trading at £20.52 in London late Thursday, down 13 pence from Wednesday’s finish.
Still, Mr. Rigby also said he has pumped up his 12-month price target for the shares, to £23 from £21, “to reflect the impact of the stronger operating environment outlook that we see … and to reflect the track record of strong underlying performance increasingly evident at the company.”
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