Bp amoco: RBC raises its price target


(CercleFinance.com) – RBC renewed its ‘outperformance’ opinion on the bp stock on Monday, while specifying that it was raising its price target from 550 to 625 pence.

Since its strategic point which was favorably received by the market at the start of the year, the stock price of the British oil giant has underperformed that of its comparables due to disappointing results and the surprise departure of its managing director, argues the analyst in a note.

These lackluster publications did not reassure about the achievement of the 2025 and 2030 objective horizons, just like the lack of clarity concerning the evolution of general management, which also weighed on the shares, estimates RBC.

At current levels, however, the stock undervalues ​​the strength of the activity, continues RBC, which expects that the interim CEO, Murray Auchincloss, will be confirmed in his functions.

‘With this confirmation in sight and a credit rating upgrade in sight, we believe the risk/return profile is tilted favorably,’ concludes RBC.

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Copyright (c) 2023 CercleFinance.com. All rights reserved.
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