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Citi says it’s time for investors to buy BP shares. Analyst Alastair Syme upgraded oil stocks to Buy from neutral, saying BP offers a more favorable valuation than its European counterparts and “decent growth characteristics.” “Growth is one area where we think BP can start to differentiate itself from its large-cap European peers; we forecast an underlying growth of almost 2x compared to its closest peer, SHEL,” he wrote, highlighting the company’s particular strength in the company’s upstream business thanks to several liquefied natural gas products. projects. Citi raised its price target for the UK company to £5.40, suggesting the stock could rise 18%. US-listed stocks are up more than 24% this year and up 4% in premarket trading. “We believe the market rotation towards energy stocks should continue, even though the US stocks in our review are already at an all-time high,” Syme wrote. “History says that energy stocks usually perform well during an earnings recession, which is Citi’s base case for 2023.” — Michael Bloom of CNBC provided the coverage.
Credit: www.cnbc.com /