Jefferies has retained its 'hold' rating and 450p target price for oil titan BP despite the stock trading at a large discount to the sector, saying that the business is 'yearning to be free' from the Macondo well disaster."Post-Macondo it is evident that BP is evolving into a simpler and more oil focused entity," the broker said."Although there were no significant changes to BP's previous guidance in the period to 2014, BP held out the likelihood of higher-margin volume growth resuming from 2014, plus the reiteration of its 50% growth in cashflow to 2014, which should underpin more rapid dividend growth than peers."Jefferies said that the company is now in the final stretch of tying up loose ends with the Macondo disaster. The broker believes that BP was close to achieving a comprehensive settlement on all outstanding liabilities but the deal was scuppered by disagreements between the coastal states on allocation of the payment."Given that, BP is preparing for the trial re-commencement in February 2013, although we still believe there is a good chance of settlement before that. Our estimate is that the final civil payment will be between US$10-15bn."At the current price - BP closed yesterday's session at 430.15p - the stock is trading at just 7.0 times 2013 earnings, a 21% discount to global peers but identical to UK-listed rival Royal Dutch Shell."The key risk for the stock is the final resolution of the Macondo liability," Jefferies said.Shares were down 0.52% at 427.90p in mid-morning trade on Tuesday.BC