UPDATE: Oppenheimer Raises PT to $85 on Royal Dutch Shell

Oppenheimer raises its price target on Outperform-rated Royal Dutch Shell

to $85 from $80, reflecting the improving outlook on the company and the industry. Oppenheimer says, "New projects ramp ups and startups are expected to significantly boost 2012-15 cash flow by 50% over 2008-2011 period. Shell has raised the dividend for the first time in three years, to $0.86/ADS and unveiled a new capital plan to grow production to 4 mmboed in five years, net of 250 mboed of planned divestitures and contract expirations. Shell repurchased $1.1B of its shares to offset shares issued for scrip dividend. No major share repurchase is expected unless it is exempt from Dutch capital gains taxes." RDS.A closed at $72.87 on Friday.