BP downgraded to Hold from Buy at Berenberg

Berenberg analyst Henry Tarr downgraded BP to Hold from Buy with a price target of 590 GBp, up from 560 GBp. The analyst views the strategy update as positive from a shareholder perspective, but believes BP’s strategy is now more closely aligned to peers while its valuation has moved to a premium. Upside risks remain, linked to the high cash returns and any further speculation around BP being a bid target, the analyst the analyst tells investors in a research note. However, following the stock’s rally, the firm downgrades the shares on valuation.