MARKET TALK: BP Will Only Gradually Rebuild Reputation-Panmure

0653 GMT [Dow Jones] BP (BP) takes a hefty charge, replaces its CEO and announces a $30B disposal program, doing everything it can to clean the slate following the Gulf of Mexico oil spill, says Panmure Gordon analyst Peter Hitchens. Still, it will be a long time before it rebuilds its reputation. Adds planned disposals should give the company "more than enough leeway to cope with any unforeseen event." Has a buy recommendation and 600p 12-month target price. Shares closed Monday at 417p. (jeffrey.sparshott@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 27, 2010 02:53 ET (06:53 GMT)