CityWire: Morgan prefers Shell to BP: (ShellNews.net) Posted 21 Jan 05
By: Dylan Lobo, Stockmarket Reporter
Morgan Stanley upgrades Shell from equalweight overweight but cuts its rating on oil rival BP to equalweight.
Morgan believes that high expectations are already factored into Shell’s share price, while the perceptions of Shell, which are currently at a low level, could significantly improve in 2005. The broker added that it expects Shell’s disposal programme to reach $18 billion (£9.4 million) by 2006, feeling that 2005 could be the peak in the programme.
Morgan raised Shell's price target from 440p to 550p and left BP's unchanged on 545p.
* Bridgewell Securities repeats overweight on Weir Group, buy on Luminar, buy on Keir, overweight on Emap, buy on Enterprise Inns but prefers Punch Taverns and neutral on Liontrust.