Oppenheimer Tells CNBC: BP a Good Buy

BP BP has taken a beating in the wake of the recent oil spill in the Gulf of Mexico. However, Oppenheimer has stated that the time is right to invest in the oil stock. CNBC reported that Oppenheimer has given BP an ‘Outperformer’ rating. He said, “We believe the upside potential from current price levels is significantly greater than any further downside risk from the oil spill.” The firm also told CNBC that the selloff, which already has wiped off 51 percent off the stock value, has provided a good entry point for initiating or building a position in BP.