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bp: Jefferies upgrades stock

(CercleFinance.com) - Jefferies upgrades bp shares from 'hold' to 'buy' and increases its target price for them by 10% to £5.
7, implying a TSR (total shareholder return) of around 30% estimated for the energy group's stock.

The broker expects the British oil major's share to continue to close the valuation gap on peers, pointing to a free cash flow yield of 17% for 2024, compared with 14% for the European sector.

Jefferies justifies this expectation by a "greater focus on distributions, reduced capex risk and relatively conservative consensus earnings growth expectations".


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