MARKET TALK: HSBC Cuts BP Target Price

0933 GMT [Dow Jones] HSBC cuts BP (BP.LN) price target to 500p from 660p. Says the deal announced Thursday gives a possible indication of spill costs and provides some clarity, albeit limited. Brokerage estimates the net present value to be around $30Bln and believes the fall in BP's shares more than discounts this. Reiterates overweight rating on the stock, but adds "a volatility flat." Shares +4.5% at 376p. (michele.maatouk@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 18, 2010 05:33 ET (09:33 GMT)