This oil giant has lagged its leading rivals through two energy crises. Now one Wall Street giant says it’s time to buy.

BP has trailed its closest integrated-oil peers over the past three to five years, a stretch spanning two major energy-market shocks. According to the source, one leading Wall Street firm now argues that underperformance has created a buying opportunity in the beleaguered company.

The significance lies less in the upgrade itself than in what it signals. Analyst ratings can influence sentiment and flows, particularly when they challenge a prevailing narrative. A call like this suggests at least one major house believes BP's discount to rivals has grown wider than its underlying business prospects justify — a valuation argument as much as an operational one.

What to watch: whether other analysts follow or push back, and whether the market treats this as an isolated view or the start of a re-rating. Also relevant is how BP's strategic direction — spending priorities, dividend policy and the pace of its energy transition — compares with peers. For now, the call is a signal worth noting, not a conclusion.