1314 GMT - Shell is undervalued by investors given it has the best buyback record in the sector and a strong balance sheet, UBS analysts write. Shares in the London-based energy giant are down 10% since July despite its restructuring and retreat from green-energy investments, the analysts write. Shell can surpass its $2-3 billion savings target by the end of the 2025 and has the opportunity to make an additional $6 billion in cost savings, UBS says. Shell's valuation gap with its U.S. peers has narrowed to around 50%, and it could fall further as its renewed focus on oil and gas assets delivers results, they write. UBS upgrades the stock rating to buy from neutral and increases its target price to 30 pounds. Shares trade up 1.4% at 26.16 pounds. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
January 09, 2025 08:14 ET (13:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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