MARKET TALK: BP 2Q Statement Positive -Collins Stewart

27th Jul 2010 10:09

0909 GMT [Dow Jones] BP (BP) +0.5% at 419p, following the release of 2Q results. Overall the statements are positive, says Collins Stewart, as although it announced major charges for the US spill, BP's free cash generation and balance sheet position remain strong. Says the succession of CEO Tony Hayward by Bob Dudley had been well flagged in recent days, but we think it should help BP start to rebuild key relationships in the US. Sees further near term upside in BP's shares if it can fully seal the Macondo well in the next few weeks, "but we do not see that much clear value beyond the 450p level." Has a buy rating, with 450p target. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 27, 2010 05:09 ET (09:09 GMT)