BP price target lowered to $55 from $62 at Bernstein

Bernstein lowered the firm’s price target on BP to $55 from $62 and keeps an Outperform rating on the shares. The analyst sees 2024 as a year for the energy stock-picker, with share price performance across the sector to be driven by key themes of capital discipline, distributions and upside volatility capture, rather than large commodity price moves. The European integrateds “offer investors exposure to all three key themes,” the analyst tells investors in a research note. Bernstein expects improving financial performance to continue across the group, backed by flat though elevated commodity prices.