Oppenheimer Raises PT On BP To $55
Oppenheimer has published a research report on BP plc (NYSE: BP) and has raised the price target on the company from $45 to $55.
In the report, Oppenheimer writes "We reiterate our Outperform rating on BP and are raising our price target to $55/share from $45. A Presidential Commission last week did not find BP solely responsible for the oil spill, but that it shares the blame with service contractors and government regulators. If this conclusion holds, we think the worst for BP may be over and the upside potential in the stock could be significantly greater than the downside risk. Although BP still faces large potential liabilities, the total costs might be less than the $39.9B it has reserved in connection with the accident. BP is also expected to announce next month a new dividend policy that is competitive with its peers', which should improve shareholders' confidence."
BP plc closed Friday at $46.08.
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