BP "buy," target price raised

03.09.09 - Deutsche Bank

LONDON, September 3 (newratings.com) - Analysts at Deutsche Bank maintain their "buy" rating on BP Plc (BPE5). The target price has been raised from 585p to 600p.

In a research note published this morning, the analysts mention that the company?s giant Tiber discovery in the Gulf of Mexico has highlighted the region?s potential as a major exploration play. The discovery also reinforces the confidence in BP?s ability to achieve its long term production growth objective of 1%-2% per annum, the analysts add.