Benchmark Raises Price Target on BP (BP) Despite Weak Q1 Results, Believes Shares are Well Undervalued

Benchmark is maintaining its Buy rating on shares of BP (NYSE: BP) and is raising its price target to $70 even as the company posted weak Q1 results because the firm believes that shares are still well undervalued.

The company's adjusted Q1 results of $1.93 per ADR exceeded the $1.82 consensus forecast, but was well below the firms $2.32 per ADR estimate. The firm notes that this was due to large amounts of downtime during the quarter related to extensive maintenance.

Benchmark is lowering its FY11 and FY12 EPS estimates to $6.48 and $5.27 due to weaker than expected current market trends and the company's performance.

For more ratings news on BP click here and for the rating history of BP click here.

Shares of BP closed at $46.53 yesterday.

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