BP price target lowered to $33 from $35 at Wells Fargo

Wells Fargo analyst Roger Read lowered the firm’s price target on BP (BP) to $33 from $35 and keeps an Equal Weight rating on the shares. The firm says BP’s valuation appears meaningfully discounted vs peers, while an activist quietly knocks on the door. Management is expected to deliver specific goals in February 2025, which may offer a catalyst, Wells adds.