Morgan Stanley upgraded BP (BP) to Equal Weight from Underweight with a price target of 400 GBp, up from 347 GBp. Upstream portfolios remain in “rude health,” pointing to oil an gas production growth towards 2030, albeit only modest and less than last year, the analyst tells investors in a research note. The firm added that it remains cautious on the sector, with its views remaining heavily influenced by oil and gas prices, where risk are skewed to the downside. The analyst added that, in the end, it estimates that all buyback programs are at risk.
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