DZ Bank downgraded BP (BP) to Sell from Hold with a 430 GBp price target following the Q4 report. BP’s realignment and entry of activist Investment Management was known in advance, the analyst tells investors in a research note. The firm believes the company’s large restructuring will take a long time to become visible in profits, lower debt and more sustainable dividends. Setbacks going forward can’t be ruled out, contends DZ.
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