BPCL Share price: Upgrade to OUTPERFORM from Neutral rating, hikes target price to Rs 585 from Rs 375
BPCL Share price: In Credit Suisse view, steady-state EBITDA for BPCL could be US $2 bn - 2.5 bn (FY20: US $1.7 bn). The higher end of range is possible when the potential acquirer is able to reduce refining costs, increase productivity of marketing outlets, and increase non-fuel revenues. Therefore the stock has upside even beyond divestment of the government’s stake.
BPCL share price should rerate as it gains market share from IOC and HPCL and non-fuel revenues typically command higher multiple: Reuters