BP (NYSE:BP) Risk Continues to Shrink Says Benchmark

Benchmark continues to like BP (NYSE:BP), as they see risk shrinking in relationship to the company, and upstream growing.

They said, "we are reducing our estimate of pre-tax Macondo related costs ultimate borne by BP due both to a reduction in our estimate of the overall level of spill-related charges, as well as our belief that such charges will be, to some extent, shared among partners and service contractors."

Benchmark reiterates their "Buy" rating on BP (BP), which closed Wednesday at $46.76, down $0.45, or 0.95 percent. Benchmark boosted their price target on BP from $46 to $65.