UPDATE: Canaccord Upgrades BP to Buy

In a report published earlier today, Canaccord Genuity upgraded its rating for BP plc

from Hold to Buy, but did not name a price target. Canaccord went on to say “We don't think BP has the best long-term growth outlook in the sector, but E&P prospects look set to turn up sharply as operations normalise in 2013-14. Meanwhile, we think the shares' recent slump to almost their post-Macondo low vs the US oils leaves the potential for a good recovery on a 6-12 month view, especially if we see catalysts such as a settlement over Macondo fines or further major disposals.” BP plc closed yesterday at $37.85.