BP (BP) NewsBite - BP Upgraded By Benchmark Co.

Posted: Friday, October 02, 2009 1:44 PM EDT

BP (BP) was upgraded today by analysts at Benchmark Co. and the stock is now at $51.42, down $.36 (-0.7%) on volume of 3,554,645 shares traded. Benchmark Co. upgraded the stock today based on valuation and currently has a $63 price target on the company. Over the last 52 weeks the stock has ranged from a low of $33.70 in March to a high of $55.61 in September. BP stock has been showing support around $50.94 and resistance in the $53.40 range. Technical indicators for the stock are neutral and S&P gives BP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BP the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 43 range. [ABR-Seven Summits Strategic Investments NewsBite]

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