1045 GMT [Dow Jones] S&P Equity Research cuts BP (BP.LN) price target to 610p from 640p to reflect the latest Gulf of Mexico liabilities. Notes the company has announced record 2Q '10 losses due to non-operating charges from the gulf incident. However, S&P notes clean EBIT (excluding gulf charges) rose 14% year-on-year. Reckons the FY '10 loss per share after gulf charges and moratorium could be GBP24. Expects the shares to trade below S&P's estimates of their underlying value until uncertainty surrounding litigation and the U.S. government position on BP's U.S. operations eases. Keeps the stock at hold. Shares +0.5% at 419p. (michele.maatouk@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 27, 2010 06:45 ET (10:45 GMT)