UBS reaffirms its 'buy' recommendation on bp and its target price of 525 pence, a target implying 35% upside potential for the stock, ahead of the British energy giant's 2024 annual results scheduled for February 11.

The broker sees this meeting as a 'chance to improve the narrative', mentioning also a possible downward revision of capital expenditure, and an inexpensive valuation with upside potential for 2025 estimates.

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