MARKET TALK: BP Still Offers Deep Value - ING

23rd Jun 2010 08:46

0746 GMT [Dow Jones] BP's (BP) $20B claim fund, net fines/penalties and clean-up costs announced last week are now included in ING's models, so the bank now assumes some $28.1B of total non-operating items over '10/'11 for the Gulf of Mexico catastrophe, versus $5.33B previously. ING keeps its target price at 712p, "albeit given the continued turmoil, political vilification and somewhat orchestrated media onslaught for BP, we accept this should be considered as a 1-3 year target level rather than a 12-month view." Nonetheless, ING still thinks BP offers very good deep value. Buy rating. Shares +088% at 337p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 23, 2010 03:46 ET (07:46 GMT)