Jefferies raised the firm’s price target on BP (BP) to 420 GBp from 400 GBp and keeps a Hold rating on the shares following BP’s Q3 trading update and ahead of the company’s Q3 earnings results. The firm noted that BP has the “highest leverage in the sector,” and added that the company “could struggle to achieve leverage reduction in a weaker oil price environment.” Jefferies also said that despite media reports highlighting BP as a potential M&A target, the firm does not think company’s “valuation discount is wide enough.”
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