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Shell cut to neutral by Merrill Lynch

Stock Market Quote - Business News - Financial News

By Steve Goldstein
Last update: 3:22 a.m. EDT April 6, 2009

LONDON (MarketWatch) — Royal Dutch Shell was downgraded to neutral from buy at Merrill Lynch, with the broker citing less confidence around the group’s ability to grow production. It’s confident in Shell’s ability to sustain its dividend due to the broker’s broader view on oil prices, but it sees a less compelling valuation at least relative to peers. Shell’s price target was cut to 1,650 pence from 1,850 pence.
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