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BP target raised to $50 at Oppenheimer following capex cut

Mar. 05, 2015 3:59 PM ETBP p.l.c. (BP) StockBPBy: Carl Surran, SA News Editor17 Comments
  • Oppenheimer's Fadel Gheit raises his price target on BP (BP -0.8%) to $50 from $45 while maintaining an Outperform rating, projecting the company to be free cash flow positive in 2016.
  • Gheit calculates BP's operating cash flow at $22.5B in 2015 and $27.3B in 2016, after funding $20B in capex and a $5.95B dividend in each year, and expects the company to have a free cash flow deficit of $3.6B in 2015 but turn positive by $1.3B the following year.
  • "Management believes the portfolio is diverse enough to balance fiscal and geopolitical risk while allowing it to focus on its strengths, which provides a unique platform for the future," Gheit writes.

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