MARKET TALK: BP CEO Change Would Be A Positive - Cheuvreux

26th Jul 2010 14:20

1320 GMT [Dow Jones] Tony Hayward's departure from BP (BP.LN) would be a positive news for the stock, allowing the company to restore its reputation and credibility in the US, says Cheuvreux. Reckons BP managing director Robert Dudley is effectively likely to succeed Hayward as CEO. Notes not only is Dudley an American, but he also hails from the region devastated by the oil spill. The brokerage adds that it was anticipating this change, but later on this year, when the Macondo well is definitively killed. Keeps the stock at outperform with 450p price target. Shares +2.8% at 410p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 26, 2010 09:20 ET (13:20 GMT)