BP upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank analyst Paul Cheng upgraded BP to Outperform from Sector Perform with a price target of $42, up from $37. He thinks all the negative news from last year, including the EU windfall profit tax and Russian invasion, is "now fully factored into the stock." He thinks some investors will revisit European oil and gas names given the significant valuation gap versus U.S. peers, triggering some reversion to mean, Cheng added.