ING Notices Oil is Expensive, Upgrades Shell (RDS.A)

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.

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