Time to buy Shell, says Barclays
It is the right time to invest in Royal Dutch Shell (LON:RDSB), according to the oil and gas team at Barclays Capital, which named the major as its top pick in the sector.
Repeating its ‘outperform’ recommendation, it says there is 20% ‘upside’ o its £26.60 price target.
“We expect an increased focus on capital discipline, improved corporate returns and a more shareholder friendly strategy,” the bank said in a note to clients.
“The removal of production targets and poor results in North America during 2013 make it is easy to forget that Shell still starts from a stronger free cash flow position than the majority of the peer group.”
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