Tuesday, April 5, 2011

BP (BP) Price Target, EPS Raised by Benchmark

Benchmark raised its price target and EPS on BP (NYSE:BP), citing the high price of oil.

The oil giant also recently announced it's divesting its Arco Aluminum subsidiary, selling it to a consortium of Japanese companies.

In response to the federal government's lawsuit seeking damages for the Deepwater Horizon oil spill under the Clean Water and Oil Pollution Acts, BP said that the government's "request for a declaratory judgment regarding alleged damages under OPA constitutes improper claim splitting."

BP was trading at $46.92, gaining $46.94, gaining $1.05, or 2.29 percent, as of 2:17 PM EDT. Benchmark has a price target of $70 on the company, along with a "Buy" rating.

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