BP gets upgrade as recent slide has gone too far, suggests bank

BP PLC (LON:BP) has received a share price target upgrade from Canadian bank RBC, which suggests the recent beating has gone far enough.

Two disappointing sets of results and the departure of its chief executive have, understandably, left investors a little unsure of what is going on at the oil and gas giant.

After what RBC describes as a market-pleasing strategy update earlier in the year, doubt is growing over BP’s punchy 2025 and 2030 earnings targets while a lack of clarity on the management update has also weighed on shares.

Shares are down 15% in a little over a month after the most recent results update and the recent dip in the crude price.

But that is enough, suggests RBC, which has raised its target to 625p from 550p and says at the current price, BP is undervalued.

Shares dropped 0.6% to 473.6p.