bp: UBS confirms buy rating

(CercleFinance.com) - UBS confirms its Buy rating on the share, with a target price of 600 pence, representing 18% upside potential.


"We reduce our 1Q net income estimate by 9% to reflect an FX charge and weaker fuel margins. Our number is now 4% below VA consensus", UBS says.

bp said yesterday that it expected Q1 production to rise, along with an improvement in its refining margin.

The British oil group said that production from its upstream businesses should be higher in Q1 than in Q4 2023.


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