BP price target raised to $35 from $32 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on BP (BP) to $35 from $32 and keeps a Neutral rating on the shares. After years of strategically wandering in the wilderness, the decision to simplify and refocus on areas of relative strength during the Capital Markets Day was both expected and a necessarily positive step in the right direction, the firm says. Piper views most of the strategic shifts/targets as largely in-line with expectations and the medium-term outlook as clearly more attractive than under the prior trajectory, but also expects the market to remain skeptical of many of the updated targets until proven otherwise.