The analyst has lowered his recommendation to neutral on the stock (from buy), with a target price lowered to 2,600 pence (from 3,000 pence), representing a 6% increase on the current price.

' We are modifying our coverage with a neutral rating due to a longer transition time, consensus risks and the gradual rebalancing of LNG' says UBS.

Shell has tightened its capital expenditure forecast for 2023 to between $23 and $25 billion, compared with $23-26 billion previously.

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