BP: remains one of Morgan Stanley's best picks

(CercleFinance.com) - British oil giant BP is among the five stocks in the European energy sector that Morgan Stanley analysts have chosen as a best pick, the US investment bank said on Friday.


The comments come in the wake of a sector upgrade to "overweight" by Morgan Stanley strategists, who believe that energy stocks have become "oversold," despite higher oil prices.

"Relative valuations are low and the sector's dividend yield is particularly appealing," they said.

While BP - for which Morgan Stanley has an "overweight" recommendation, coupled with a target price of 620 pence - remains one of its two preferred majors, the bank also expresses its preference for Total, Neste, Aker BP and Hurricane.

The BP share is currently up 1.2% at 556.1 pence in London.

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