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Goldman Downgrades BP, Cuts Price Target
Goldman Sachs, which as we disclosed had upgraded BP to Buy from Neutral in December of 2009, just in time for Goldman Sachs Asset Management to sell 40% of its holdings in the infamous firm, has finally had a chance to check out one of those spillcams. The result: Michele della Vigna has removed the firm from the Pan-European Buy list, moved it to Neutral, and lowered his price target from GBP 7 to GBP 6. The commentary: "BP’s attempt to fit a cap on the top half of the blow-out preventer known as the lower marine riser package (LMRP) has been successful; currently it is collecting c.11 kbls/d of a total spill of 12-19 kbls/d and BP expects it to collect the vast majority of the spill once an additional containment system is in place. [What we earlier said about him having looked at those spillcams... we take it back.] However, after incorporating potential costs to BP, we believe the shares no longer provide materially more potential upside than the median for the sector. We downgrade BP to Neutral from Buy. Since adding BP to the Buy list on December 17, 2009 its shares are down 13.8%, versus the FTSE World Europe’s 8.5% fall (on 12 months -2.6% and +9.6%)." Look for Goldman to now be waving every share of BP it can find.
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...so I guess that means they're about to go long?
hahahahaa...Your so right
When GS downgrades that usually means they want to weed out investors so they can buy cheap for long.
Just do the opposite of what these dudes say and you will be alright....They are damn crooks!!!!
You mean my $75 July calls ain't good no more?
Thanks GS for the advice to cover the short
At what level of the reverse psychology are we at?
Level double-secret probation.
Watch carefully. Over the weekend
it was announced BP had hired GS to
advise/assist BP in preventing a
takeover at these lower prices.
There will be tremendous opportunity
in BP as the dems walk this thing
down like a tobacco stock and then
load up at the bottom.
Haven't heard much about evil tobacco
from your dems lately have you?