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Royal Dutch Shell downgraded to “hold”

11/14/08 – ING Financial Markets

LONDON, November 14 ( – Analysts at ING Financial Markets downgrade Royal Dutch Shell (RDSA) from “buy” to “hold.” The 12-month target price has been reduced from €25.50 to €22.56.

In a research note published this morning, the analysts mention that the sharp decline in global oil prices is likely to restrict the company’s free cash flows going forward. Royal Dutch Shell’s future profitability is also expected to be negatively impacted by the lower oil macro scenario, global recession and the company’s huge investments in complex and unconventional projects, the analysts add.


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