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BP Plc share outlook upped by brokers PDF Print E-mail
Written by W   
Friday, 03 September 2010 14:10

Dolmen Stockbrokers have upped their outlook for the BP share price.


BP Plc (LON:BP) has had its fair price share valuation increased by Dolmen Stockbrokers.

The brokers have suggested that BP shares are fairly valued at 510p a share.

This compares to previous suggestions by the broker's research team that 500 was a fair target price to be sought by investors.

510 is 29.90% higher than this morning's opening price at 392.6.

The cheery vote of confidence contrasts sharply to that at Barclays - Barclays maintain 400p a share as a fair valuation.

Markets this afternoon


BP is higher by 1.99% to 400p after data from the US economy prompted across-the-board demand for equities.

Markets extended their rally today after a relatively encouraging report on the jobs market lifted hopes about the pace of economic growth.

The Dow Jones industrial average rose 110 points in early morning trading. Broader indexes rose more than 1 percent.

The Labor Department said private employers added 67,000 jobs in August, stronger than the 41,000 economists polled by Thomson Reuters had forecast.

While the data Friday does not indicate the economy is robust by any means, investors are upbeat that it doesn't indicate the economy is worsening or possibly falling back into recession. Economic reports throughout August pointed to a sharp slowdown in growth, which drove stocks lower. Traders were concerned a steep slowdown would be a drag on corporate earnings.
Last Updated on Friday, 03 September 2010 14:12
 

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