Analysts Boost Shell Price Targets Following Strong Q3 Results and Share Buyback

Several Wall Street firms have raised their price targets on Shell (LON: SHEL) shares after the energy major posted a robust third‑quarter performance, driven by strong cash generation and an expanded $5 billion share‑buyback programme.

Shell reported an adjusted profit of $10.8 billion for the third quarter, more than double the $5.4 billion recorded a year earlier. The company also announced a new $5 billion share buyback, which will be completed by the release of its fourth‑quarter results on Feb. 4, 2027.

On its US‑listed shares, Wells Fargo increased its target to $116 from $105 and maintained an Equal Weight rating. The analyst highlighted that the larger buyback, coupled with debt reduction, was well received by the market.

He argued that debates over the timing of repurchases matter little when the environment allows Shell to fund all of its priorities.

Evercore ISI lifted its target to $115 from $100 and kept an In Line rating, while Bank of America raised its target to $107 from $97, preserving a Neutral stance. BofA described the latest European Big Oil results as one of the sector’s strongest cash‑flow quarters in recent years, noting that comparable cash generation was last seen in the 2022 macro environment.

On its London‑listed shares, JPMorgan increased its target to 4,200 pence from 4,100 pence and reiterated an Overweight rating, the most bullish call among the group. RBC Capital improved its target to 4,100 pence from 4,000 pence with a Sector Perform rating. Citi made the largest upward revision, lifting its target to 3,900 pence from 3,200 pence while retaining a Neutral rating.

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