UPDATE: Morgan Stanley Upgrades BP (BP) to Overweight
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(Updated - September 5, 2018 6:39 AM EDT)
(updated to add analyst comment)
Morgan Stanley analyst Martijn Rats upgraded BP (NYSE: BP) from Equalweight to Overweight.
The analyst views the upcoming CapEx cycle as positive and notes recent nonperformance of the equity in recent months as investors digest the BHP acquisition. He says the company continues to stand out among European majors given his high dividend yield and underappreciated FCF growth prospects.
Shares of BP closed at $42.72 yesterday.
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