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Fly News Breaks for September 4, 2015
BP
Sep 4, 2015 | 07:01 EDT
BofA/Merrill downgraded BP to Underperform given increasing M&A and dividend risks. The firm does not expect Brent oil prices to recover much beyond $60/bbl until 2018, suggesting BP will have sizeable free cash flow shortfalls for the near future. BofA/Merrill said the company will likely issue equity for M&A deals and cut more capex to fund the dividend.
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