Baader: Rising commodity prices boost Shell's profits, target price raised to 4,269 pence

⑴ Frederic Lorec of Baader wrote that by the end of 2028, Shell’s profits will be boosted by rising commodity prices, which means earnings per share forecasts will be raised. He stated this will to some extent offset the impact of weaker downstream margins and a high cash capital expenditure of $20.9 billion.⑵ Baader raised its 2026 earnings per share forecast by 28% to $4.28, and its 2027 forecast by 22% to $4.51. Baader expects that by the end of 2027, adjusted net profit will remain at around $20 billion, but will fall back to $18.6 billion in 2028 as Brent crude prices drop to around $75 per barrel.⑶ Lorec raised Shell’s target price from 3,852 pence to 4,269 pence. The stock was unchanged at 3,225.50 pence.