Piper Sandler analyst Ryan Todd lowered the firm’s price target on BP to $46 from $47 and keeps an Overweight rating on the shares. The analyst says sentiment is "notably mixed" across integrated oils into the Q1 reports. While upstream leverage has bounced meaningfully from mid-March lows, sentiment has turned bearish on refining due to persistent recession-led demand concerns, the analyst tells investors in a research note. However, Piper remains constructive on refining.
Published first on TheFly
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