Oil major BP
BP,
+0.29%
BP,
+0.39%
was downgraded to hold from buy at HSBC, and its target price lowered to 360 pence from 365 pence, which said it will take years to change market perceptions about its ability to fund the transition to a lower-emissions world. "The key issue for BP is how to sustain group free
cash flow when upstream volumes are set to fall by 40% through 2030," said analysts led by Gordon Gray, who nonetheless expressed optimism BP could do so. Buybacks and higher cash flows are so far failing to provide a catalyst, the analysts added.