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    NESTE — Neste Oyj News Story

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    BofA warns European Big Oil mostly fully valued, keeps Shell as top pick

    Picture of Neste Oyj logoNeste Oyj
    26/09/2025 15:27
    ** ** BofA Securities sees the European Big Oil sector as mostly "fully valued", viewing it as an "ex-growth bunch" requiring ongoing buybacks to enhance shareholder returns

** "The higher we climb, the thinner the air - but how much closer are we to the top?" BofA asks, and keeps Shell SHEL.L as its top pick, saying it's the least reliant on inorganic help, with one of the strongest balance sheets

** The broker notes that most majors require breakeven oil prices of $80/bbl to organically cover spending and shareholder payouts, which it deems "too high"

** The brokerage downgrades Finnish oil refiner and biofuel maker Neste NESTE.HE to "underperform" from "neutral" on valuation concerns

** "Neste only has one more quarter before earnings momentum turns negative into 4Q25", BofA says, citing upcoming winter turnaround downtime as a key headwind

** Italian energy group Eni ENI.MI and Spanish peer Repsol REP.MC are reinstated with "neutral" ratings and price targets of 15.50 euros ($18.11) each


    COMPANYRATINGOLD RATINGPTOLD PT
    ShellBuyBuyGBP 3,100GBP 3,200
    TotalEnergies TTEF.PABuyBuyEUR 62.00EUR 62.00
    EQNR EQNR.OLBuyBuyNOK 270NOK 280
    Galp GALP.LSBuyBuyEUR 21.00EUR 21.00
    BP BP.LNeutralNeutralGBP 430GBP 420
    EniNeutralN/AEUR 15.50EUR 14.25
    RepsolNeutralN/AEUR 15.50EUR 11.50
    NesteUnderperformNeutralEUR 16.00EUR 15.00
    

($1 = 0.8560 euros)

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))

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