BP downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded BP (BP) to Hold from Buy with a price target of $36, down from $40, following a transfer of coverage. The firm sees BP’s “high exposure to lower netback regions and fixed calls on cash limiting shareholder returns. The company’s updated strategy is focused on improving operations and reducing renewables exposure, which is a ” necessary first step to right the ship,” the analyst tells investors in a research note.