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Upgrade Alert for BP (BP)

By David Diaz

BP (NYSE:BP) was upgraded from Equal Weight to Overweight at Morgan Stanley today. The stock closed yesterday at $35.50 on volume of 14.0 million shares, above average daily volume of 9.0 million.

BP share prices have moved between a 52-week high of $43.85 and a 52-week low of $27.01 and closed yesterday at 31% above that low price at $35.51 per share. The 200-day and 50-day moving averages have moved 0.42% lower and 0.76% higher over the past week, respectively.

BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

There is potential upside of 6.8% for shares of BP based on a current price of $35.51 and an average consensus analyst price target of $37.94. BP shares have support at the 200-day moving average (MA) of $32.26 and additional support at the 50-day MA of $30.87.

SmarTrend recommended that subscribers consider buying shares of BP on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.14. Since that recommendation, shares of BP have risen 11.7%. We continue to monitor BP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades

Ticker(s): BP