ING has made two oil-related upgrades this morning:
- Royal Dutch Shell (RDS) from a Hold to a BUY.
- StatoilHydro (STO) from a Sell to a BUY.
Why? Oil is pricey! ING has revised their 2008 oil estimates up to $115 a barrel.
As at other firms, of course, ING’s analysts are running behind the train. In fact, aside from Goldman’s $141 second half of 2008 prediction, almost all analysts are saying oil is a short. Which doesn’t explain why they’re upgrading oil stocks.