Bp8 Feb 2023 12:57
Barclays hikes BP price target
Wed, 8th Feb 2023 11:19
(Sharecast News) - Barclays hiked its price target on BP on Wednesday to 1,000p from 700p following the oil giant's results a day earlier.
The bank noted that in the past, it has described BP as "the most misunderstood of companies" in its coverage universe but that the new strategy announced goes a long way to address the concerns.
"A new strategic update addresses key investor concerns and enables, in our view, a potential re-rating of the shares," it said, adding that longevity in the upstream combined with profitable renewables lead to stronger free cash