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Investec has kept its “Hold” rating, but cut the target price to 440p from 460p. Investec thinks the market has moved quickly to factor in the likelihood of higher than expected fines as a result of the recent Deepwater Horizon ruling, but the potential impact on BP’s reputation is less clear.
Berenberg has maintained its “Sell” rating, but upped the target price to 250p from 210p. The broker thinks while RBS has had two good quarters so far this year, that shares are expensive considering legacy risks and the negative impact of the restructuring plan yet to fully take effect.
Westhouse Securities has kept its “Buy” rating, and upped the target price to 37p from 31p. The broker thinks Circle Oil’s attractive and undervalued portfolio has moved into focus, and that the successful appraisal of the recent Mahdia discovery in Tunisia could be transformational.