MARKET TALK: Benchmark Cuts BP Target, Sees Early '11 Dividend

7:46 (Dow Jones) Benchmark Co. says BP management intends to restore its $3.36 per ADR dividend in early '11, and pay "a very substantial fraction, if not all," of the lost '10 dividend at that time. Firm bases its judgment on language used by BP in discussing the dividend move. Also cuts its BP price target to $41 from $49 to reflect higher liabilities from spill flows turning out bigger than expected, and questions concerning whether these liabilities will be shared by other companies involved. BP up 1.9% to $29.95 premarket. (brendan.conway@dowjones.com) Call us at (212) 416-2184 or email paul.vigna@dowjones.com Visit the Market Talk blog at www.djnmarkettalk.com (END) Dow Jones Newswires July 02, 2010 07:47 ET (11:47 GMT)