Berenberg Lifts Shell EPS Forecasts Post-Q3 Trading Update; Price Target Up

07:03 AM EDT, 10/09/2026 (MT Newswires) -- Berenberg made changes to its EPS forecasts for Shell (SHEL.L, SHELL.AS) to reflect the oil and gas giant's third-quarter trading update released ahead of the quarterly earnings report set for Oct. 29. The research firm raised its 2026 and 2027 adjusted EPS projections by 14.9% and 14.1%, respectively, while that for 2028 was bumped up 0.5%, according to an oil and gas sector-focused report published Friday. EBIT expectations over the three-year period were also upwardly revised. For the third quarter, Berenberg expects Shell's operating cash flow to stand at $14.50 billion, up 19% year over year but 32% lower than Visible Alpha consensus, impacted by outflow related to carbon payments in Germany. "Shell remains a top pick [in the integrated energy sector], able to benefit from the current high and volatile price environment, with room for further growth in buybacks and dividends into 2027," analysts said as they raised their oil price forecasts, noting that the outcome of the US-Iran war remains "highly uncertain." The price target for the London-listed stock was lifted to 43 pounds sterling from 40 pounds, while that for the Amsterdam-listed stock was increased to 50 euros from 46 euros. The buy rating remains unchanged.