UBS analyst Joshua Stone downgraded BP (BP) to Neutral from Buy with a price target of 400 GBp, down from 525 GBp. The recent rebalancing of BP’s financial frame, together with a reset of its strategic direction was “an important first step to restore investor confidence,” but the next steps, including a reduction of net debt and replenishment of the reserves base, were “always going to take longer to achieve,” the analyst tells investors. The level of financial uncertainty in the market makes delivery “harder,” especially as it relates to BP’s ability to grow earnings and sell assets, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BP:
- BP downgraded to Neutral from Buy at UBS
- Oil prices fall, putting U.S. shale production in peril, FT reports
- OXY, BP, CVX: Goldman Sachs Says Oil Could Fall Below $40 A Barrel in “Extreme Scenario”
- SHEL, CVX, BP: Oil Stocks Crash Alongside Crude Prices As OPEC+ Increases Production
- BP Initiates Search for New Chair as Helge Lund Steps Down