UPDATE: Credit Suisse initiates Neutral on BP on Concerns Over DPS Growth beyond 2015

In a report published Thursday, Credit Suisse analyst Thomas Adolff initiated a Neutral Rating on BP BP and initiated a price target of 495.00 p. In the report, Credit Suisse says "The message in 3Q13 ticked the boxes; progressive shareholder returns in the form of (a) higher DPS (confidence on OCF generation) and (b) more buybacks (from a bigger disposal programme). Indeed, the buyback programme could continue until end 2015 at the current run rate, and purely from this (after scrip dilution), DPS can rise by ~7%. We are, however, not so confident on the pace and shape of DPS growth beyond 2015 given that Macondo liabilities could potentially eat into cash flow. Prior to potential Macondo fines, we also only see BP covering capex and dividend (before/after scrip offset) organically in 2017(before)/ 2019 (after)." BP closed on Wednesday at 481.15 p.