BPCL shares hit record high, extend gain for 3rd straight day as analysts see up to 36% upside [Video]

Shares of the oil marketing company Bharat Petroleum Corporation Ltd rose more than 5% on Friday, February 16, to hit a year-high level after analysts upgraded the stock to ‘buy’ rating, projecting up to 36% upside from the current levels.

Other oil marketing PSUs Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) also gained up to 3% as analysts raised the target prices.

In a report, brokerage Jefferies upgraded BPCL to ‘buy’ from ‘underperform’ earlier and raised the target price to ₹890 per share from ₹415 per share. The new target price reflects a potential upside of 36% from the current trading levels.

Jefferies mentioned that BPCL offers the largest margin of safety among oil marketing companies.

While assigning a ‘hold’ rating on Indian Oil Corporation (IOC), the brokerage raised the target price to ₹215 per share against ₹135 per share earlier. The target price implies a potential upside of 13% from Thursday’s close.

The brokerage assigned an ‘underperform’ …