BP initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of BP with an Overweight rating and $46.90 price target. The analyst added the American depository receipts of TotalEnergies, BP, Shell, Eni and Equinor to its coverage of the energy sector in Europe. All fundamental views for the ADRs are fully aligned with those the firm has for the underlying local stocks, the analyst tells investors in a research note.