Report published September 23, 2026
Europe First to Market: Today's Morning Meeting – J.P. Morgan Equity Research
J.P. Morgan · September 23, 2026
J.P. Morgan's European morning research call highlights an upgrade of BP to Overweight (PT 675p) and a downgrade of TotalEnergies to Neutral, alongside the initiation of Metlen Energy & Metals at Overweight (PT €64.00). The firm also details earnings and price target adjustments across packaging and financials, as well as an extensive schedule of corporate roadshows and events.
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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.J.P. Morgan upgrades BP from Neutral to Overweight and raises its price target by 20% to 675p, expecting balance sheet deleveraging to inflect from 2H26 and gearing to align with peers by YE27 at $75 Brent.
- 2.Within European Oil & Gas, TotalEnergies is downgraded to Neutral to fund the BP upgrade, reflecting a more balanced risk/reward looking beyond its upcoming Investor Day.
- 3.Initiated coverage on Metlen Energy & Metals with an Overweight rating and Dec'27 PT of €64.00, driven by brownfield and greenfield initiatives targeting group EBITDA to more than double to €1.9-2.1bn.
Table of Contents
- Today's Morning Meeting
- Also Published Today
- Company Research
- In Case You Missed It... Trending in the Last Month
- Key Changes
- Rating Changes
- Initiations
- Price Target Changes
- EPS Estimate Changes
- JPM Events
- Conference Calls & Expert Access
- Investor Tours
- Company Roadshows
- Conferences
- Upcoming Earnings
Report data
Europe First to Market Banner Header
| Metric | Estimate | Context |
|---|---|---|
| BP Price Target | 675 GBp | Price target raised 20% to 675p representing 25% upside. |
| BP 2027 estimated FCF Yield | 11% | At $75 Brent and near $20 refining. |
| EU Oils 2027 estimated FCF Yield | 9.5% | Marked to forward O&G strips and normalised refining LSD $/bbl above mid-cycle. |
| EU Oils absolute USD performance | +20% | Absolute performance of European Oils since the Middle East conflict began. |
| Metlen Energy & Metals Dec'27 Price Target | 64.00 EUR | Fair value price target representing ~30% upside. |
Reports in this series
Europe First to Market is shown in chronological order through this edition, published on September 23, 2026.
Part of the Europe First to Market series — view all 49 editions
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