BofA Adjusts PT on BP p.l.c. (BP) to 400 GBp From 370 GBp – Here’s Why

BP p.l.c. (NYSE:BP) is one of the most undervalued energy stocks to buy now. On March 13, BofA adjusted the price target on BP p.l.c. (NYSE:BP) to 400 GBp from 370 GBp and maintained an Outperform rating on the shares. Its commodities research team increased oil and gas price forecasts across 2026-27 to take into account the risks of a prolonged shutdown of the Strait of Hormuz, driving higher price targets across the firm’s European oil and gas coverage.

BP p.l.c. (NYSE:BP) also received a rating update from Piper Sandler on March 12. The firm adjusted the price target on the stock to $47 from $44 and maintained a Neutral rating on the shares, telling investors that, driven by the lasting effects of the war in Iran, the firm is revising forward estimates and price targets on the back of a $5.00/bbl rise in its mid-cycle WTI price forecast. Piper further stated that although the duration of outages in the Middle East remains highly uncertain, Piper’s commodity macro team, led by Global Energy Strategist Jan Stuart, anticipates that 2026 crude balances will tighten by about 2.0 Mb/d vs. prior expectations. In addition, lingering impacts/risk premiums and global resource tightening will raise the bar on future investment.

Headquartered in London, United Kingdom, BP p.l.c. (NYSE:BP) is an integrated oil and gas company that provides carbon products and services. Its operations are divided into the Gas and Low Carbon Energy, Oil Production and Operations, and Customers and Products segments.

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