UPDATE: Bank of America Reinstates Coverage on BP plc on Attractive Risk/Reward
In a report published Friday, Bank of America analyst Christopher Kuplent reinstated coverage on BP plc (NYSE: BP) with a Buy rating and $52.00 price target.
In the report, Bank of America noted, “We believe BP's risk/reward is attractive and skewed to the upside. Despite outstanding litigation uncertainty in the US, we believe BP's free cash flow improvements, low gearing and stand-out dividend cover should allow the company to weather potentially increased claims or fines. Meanwhile, we believe BP will be one of the few Supermajors showing signs of OCF per barrel of output improving in the near-term - key for supporting its capex and dividend bills organically.”
BP plc closed on Thursday at $46.97.
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