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Upgrade Alert for BP (BP)

By Nick Russo

BP (NYSE:BP) was upgraded from Underperform to Neutral at Credit Suisse today. The stock closed yesterday at $35.90 on volume of 10.9 million shares, above average daily volume of 9.0 million.

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.

BP (NYSE:BP) has potential upside of 5.7% based on a current price of $35.90 and analysts' consensus price target of $37.94. The stock should discover initial support at its 200-day moving average (MA) of $32.26 and subsequent support at its 50-day MA of $30.87.

Over the past year, BP has traded in a range of $27.01 to $43.85 and closed yesterday at $35.90, 33% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

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 15.6%. 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