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UBS has kept its “neutral” rating on the oil giant, raising the target price to 540p from 525p. UBS thinks BP has been effective in recalibrating strategy by prioritising shareholder value, but has concerns about whether long term opportunities will match the quality of its current portfolio.
Investec has upped its rating to “buy” from “hold”, but cut the target price to 1,070p from 1,122p. While a court ruling went against the Vimto owner in a dispute with a bottling partner, the broker thinks a strong balance sheet means it won’t hit investment plans.