BP price target raised to $45 from $41 at Scotiabank

Scotiabank analyst Paul Cheng raised the firm’s price target on BP to $45 from $41 and keeps an Outperform rating on the shares. The analyst believes BP’s Q4 earnings update will have a positive impact on the stock’s near-term performance. The market will react favorably to the higher buyback and new CEO Murray Auchincloss’s focus on integration, improving efficiency and return, the analyst tells investors in a research note.