BP price target raised to $38 from $35 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on BP (BP) to $38 from $35 and keeps a Neutral rating on the shares. Second quarter IOC results highlight companies’ relative strength within energy, underpinned by a distinctive mix of growth, resource depth, and sustainable shareholder returns, further supported by an increasingly favorable medium-term refining outlook, the analyst tells investors in a research note.