UBS says BP‘s risks are “positively skewed” given the potential for a 10% dividend increase, reset of strategy in favor of returns and upside to 2025 estimates. A “relief rally in sight,” the analyst tells investors in a research note. The firm views debt concerns following the S&P rating outlook downgrade last month as overdone. BP’s net debt to EBITDA does not look high versus the wider market or the company’s own historical levels, contends the firm. It keeps a Buy rating on the shares with a GBp 600 price target.
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