BP

THIS IS ONE OF THE REASONS WHY BP IS SO SO CHEAP

0653 GMT [Dow Jones] Citigroup trims BP (BP.ISE) target to 660p from 675p, noting that BP has been one of the worst-performing European integrated oil production stocks this year, "following its operational blunders, resulting in a 15% de-rating vs peers since April." As a result, BP's valuation "now looks very attractive," especially as "the market is applying very little value to BP's development projects, unbooked resource or exploration potential." Bank believes the expected operational recovery should see sentiment toward the shares gradually improve, thus reiterates buy rating. BP closed Wednesday up 578.5p. (PBA)