0915 GMT [Dow Jones] Westhouse Securities upgrades BP (BP.LN) to buy from hold. Says this reflects the actions put into motion by the company Wednesday to address a significant portion of the near-term uncertainty regarding the impact of the oil spill on the company. Adds that the establishment of the Independent Claims Facility will alleviate much of the political pressure that has been building in the U.S. "While the cancellation of the dividend is regrettable, the shares now appear to be undervalued in the short to medium term," says Westhouse. Shares +7.2% at 361p. (ishaq.siddiqi@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 17, 2010 05:15 ET (09:15 GMT)