BPCL upgraded by CLSA, remain bullish on long-term growth despite weak Q3 earnings

Despite weak Q3 earnings, Bharat Petroleum (BPCL) draws attention from global brokerages. CLSA upgraded BPCL to ‘Hold’ with a target of Rs 270, while Morgan Stanley maintains an ‘Overweight’ rating with a target of Rs 419. BPCL posted a 20% YoY profit increase, but missed market expectations. Shares surged 14% over the past year.