Raymond James analyst Justin Jenkins lowered the firm’s price target on BP (BP) to $38 from $40 and keeps an Outperform rating on the shares. The firm’s Q3 estimates for oil majors are a “mixed bag,” but thinks focus will remain squarely on the oil macro, the analyst tells investors in a research note. Efforts to re-prioritize value in the portfolio and an attractive valuation bodes well for the risk/reward in BP shares, the firm argues.
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