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BP: Berenberg cuts price target

( - Berenberg cut its target price on BP, from 320 pence to 260 pence, after the British company unveiled its strategy to transition away from oil.

"In the long term, the strategy could work, but it will clearly take time for the new businesses to prove they are profitable and become material enough for investors to factor them into valuations," the German investment bank said in a note.

Berenberg - which has a "hold" rating on the shares - said the stock, which dropped by 54% year-to-date, looks cheap assuming a commodity price recovery.

"However, given the current environment we expect investors to wait for evidence of an improvement and the prospect of share buybacks from lower net debt before pricing the recovery into the stock," it said.

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