Berenberg maintains its 'buy' recommendation on Shell, but slightly reduces its target price to 2,950 pence and 34.50 euros, due to lower EPS estimates resulting from lower earnings assumptions in gas and chemicals.

Shell remains, in our opinion, one of the leading players in the energy and environment sector, and the fruits of the company's new strategy are beginning to be felt", the broker believes, pointing to a FCF yield of 14.8%.

The share is trading on a 2024 price/earnings ratio of 7.9x, with a dividend yield of 4.3%, and Shell seems, in our view, to be expecting much lower oil prices in the years ahead', it adds.

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