BP price target raised to $40 from $38 at Raymond James

Raymond James raised the firm’s price target on BP (BP) to $40 from $38 and keeps an Outperform rating on the shares. The company’s strategy reset from earlier this year is a solid step in the right direction, though some investors are pushing for more and a faster timeline, the analyst tells investors in a research note. The firm noted that while BP trades at a material discount, it believes BP’s new strategy, efforts to re-prioritize value in the portfolio and divest non-core assets, and an attractive valuation bodes well for the risk/reward in the shares.