HSBC upgraded BP Plc from Hold to Buy on September 25, 2026, and raised its price target to £6.40 from £5.70. The bank cited an improved deleveraging outlook, supported by higher forecasts for Brent crude prices.
HSBC analysts expect higher commodity prices to strengthen BP’s cash flow and balance sheet, reducing pressure to sell assets to manage liabilities. In a higher oil-price environment, BP could also receive better proceeds from asset sales or retain more assets, potentially supporting future upstream growth.
The upgrade was part of HSBC’s broader ratings reshuffle of major oil companies.