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BP: Jefferies downgrades to 'Hold'

( - In its sector comments, Jefferies announced that it is downgrading its rating on the BP share from Buy to Hold, having cut its corresponding target price from 590 pence to 280 pence.

"We expect the 1H20 will be the most oversupplied the oil market has been in the modern era. We note that while a rapprochement between the Saudis and the Russians could still happen, the base case for oil prices is still bleak, and we cut our Brent forecast," Jefferies says.

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