I’m backing the UK stock market to put on a strong show over the next few years. Therefore, I want to snap up value stocks that analysts think could perform strongly while I still can. Before we delve into the stocks, I must note that analysts’ forecasts are just that: they’re predictions.
The market is unpredictable. That said, I like the look of these two. Without further ado, let’s get into it.
I own shares in oil and gas giant ( ), but at their current price I’m strongly considering buying more. The stock has been finding its feet so far in 2024. It’s up 2.
8%. Analysts have a 12-month price target for BP of 596.4p.
That’s 23.1% higher than its current price. But what could help get it there? For one, despite what many may believe, the demand for oil is actually set to rise in the times to come.
That’s according to the International Energy Agency. However, BP is a . When oil rises, so does BP.
But a falling price tends to negatively impact investor confidence. As a result, BP can often go through bouts of volatility as oil prices fluctuate. There’s also the renewable energy transition to consider.
The world is trying to become greener, which doesn’t suit the business. That said, the initial 2050 net zero target looks like it will be pushed back, meaning fossil fuels will be around for longer than expected. While BP has pumped plenty of cash into renewable energy projects in recent years, they’re proving to be more costly than initially thought.
As suc.
