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BP share price rebounds as analysts say 'buy'
http://www.telegraph.co.uk/finance/newsbysector/epic/bpdot/11077122/BP-why-you-should-buy-shares-right-now.htmlBP's share price has recovered by 2pc just one day after it was revealed that the firm is facing up to $18bn (£11bn) in fines for its role in the 2010 Gulf of Mexico oil spill.
Analyst firm Citi has also upgraded its share valuation for BP to "buy", raising its price target to 510p from 480p.
The oil major's shares plunged 6pc yesterday, wiping £5.5bn off the company's value, after a US district court found that it was "grossly negligent" in the rig explosion and allowed millions of barrels of oil to flood into the water because of its own "willful misconduct".
snip
Another phase of the trial to determine the penalties is scheduled for January 2015, but BP said it would appeal the ruling, meaning any decision could be years away.
In a note, Citi said: "Although this is now a point of high uncertainty for investors, we believe the financial implications of this ruling will remain significantly below the maximum - the Citi estimate is $8.2bn - a sum that should not impact on BP's ability to fund future growth ambitions nor shareholder dividends."