MARKET TALK: Collins Stewart Cuts BP Price Target

16th Jun 2010 10:04

0904 GMT [Dow Jones] Collins Stewart cuts BP (BP.LN) price target to 450p from 575p. The brokerage notes it has increased the notional net present value of losses related to the Deepwater Horizon disaster to $40Bln in its sum-of-the-parts valuation for BP. Adds that while the shares offer good fundamental value, the risks of investing remain high. At present, BP is an investment "for the risk-tolerant and long term." Says issues that need to be overcome in the short term include U.S. selling pressure, expectations on the dividend and questions about safety. Keeps the stock at hold. Shares -0.7% at 340p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 16, 2010 05:04 ET (09:04 GMT)