MARKET TALK: S&P Equity Research Cuts BP Price Target

18th Jun 2010 09:10

0810 GMT [Dow Jones] S&P Equity Research cuts BP (BP.LN) price target to 640p from 660p due to uncertainty and potentially higher operational and Gulf of Mexico costs. Still, S&P Equity reckons the company's $20B escrow account will help reassure US claimants and markets. It notes BP's resumption of the '11 dividend will be considered by the board in 4Q'10. "The announcement supports our view that the uncertainty relating to Deepwater Horizon costs will lead to the shares trading below our estimation of their underlying value for some time." Hold rating. Shares +4% at 374p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 18, 2010 04:10 ET (08:10 GMT)