Monday, June 21, 2010

Oppenheimer Cuts BP (NYSE:BP) Price Target

Joining a growing number of financial companies, Oppenheimer & Co. is the latest to lower their price target on BP (NYSE:BP), dropping it from $55 to $45, based on the battle brewing between BP and Anadarko (NYSE:APC) over whether or not Anadarko should join them in paying for damages related to the Gulf oil spill.

Anadarko is a 25 percent stakeholder in the oil well now leaking into the Gulf.

Last week in a press release, Anadarko stated this: "The mounting evidence clearly demonstrates that this tragedy was preventable and the direct result of BP's reckless decisions and actions."

This is of course an attempt be Anadarko to deflect any blame, as now that BP has taken the overall brunt of the focus and anger, attention is slowly gravitating toward them, and to a lesser degree: Mitsui, from Japan.

It is likely the partners will end up in court if Anadarko doesn't willingly enter into a deal to pay for part of the damages.

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