BP plc shares still favoured for an up-move; safety record at company at oil major brought into question once more
- Category: BP
- Published on Wednesday, 27 June 2012 09:01
- Written by Will Peters
Broker insights and technical analysis roundup on Wednesday morning.
BP plc (LON:BP) is still favoured for a push higher by analysts at Trading Central. For the BP stock 389 is seen as the crucial level, below which we could see falls to 375 and 364 further out.
But, say analysts at Trading Central, should 389 not be broken we should expect a push through to 456 and then 474.
"The daily technical indicators are reversing up and are advocating for a technical rebound," say analysts.
Safety record in the spotlight
This morning press reports are questioning the safety record at BP after a worker was killed and two were injured in an explosion at a gas pipeline facility in Colorado.
The pipeline, in the San Juan gas basin, has been closed and BP has not given any indication of when it will resume operations.
Barclays shares turning bearish?
At Investors Intelligence Barclays shares have come into focus.
Commenting on BARC, analysts say:
"Barclays is reaffirming the medium-term price downtrend from 260p (see right). But there is still the potential for a multi-month base. Hence, I would not be too keen to short the stock."
Tempus backs Melrose
Tempus, of the Times, backs engineering firm Melrose once more. Merlrose buys other engineering firms then sells them at a profit.
It has made around £550m on the sale of McKechnie and Dynacast, bought in 2005 and is now in the hunt for German firm Elster which makes smart meters for measuring power usage in people’s homes.
With an impressive track record and a price to earnings ratio of just 11 times, Tempus think Melrose is worth a shout.
Schneider Electric: Exane BNP Paribas reiterates OVERWEIGHT and lowers its price target by 11% to €55.
ArcelorMittal: JP Morgan recommends OVERWEIGHT and lowers the price target from €18 to €15.50.
E.On: AlphaValue downgrades to ADD from buy and lowers its price target from €18.50 to €18.40.
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