BP: shares should re-rate, Barclays says

(CercleFinance.com) - Barclays Capital maintains its "overweight" rating on BP, with a target price of 705 pence, saying that the shares should re-rate from current levels.


In a note entitled "Time to believe," the broker acknowledges that 2019 is likely to be a "tricky year" for the energy group, given the recent acquisition of BHP assets and the subsequent divestments that the company plans.

However, BarCap believes that the targets the company has set itself are conservative and thinks they could potentially be achieved a year ahead of schedule, as soon as 2020.

BP remains Barclays' top pick in the energy sector.

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