The Swiss bank dropped its target to 360p, from 375p, whilst predicting the FTSE 100-listed major will fall into losses in the current three-month period.
Rosneft - which pays into BP via dividends - will likely be loss-making, CS said in a note, whilst tax payments are set to be above prior expectations, and refining margins are expected to be weaker.
Credit Suisse forecasts earnings (group EBIT) at around US$1.9bn in the first quarter, down from US$4.3bn in the preceding three months, with upstream earnings dropping to US$1.3bn from US$2.7bn – and noted, based on BP’s rule-of-thumb, that quarter-on-quarter earnings would drop another US$1.2bn.
Production in upstream will reduce by around 100,000 barrels of oil per day, Credit Suisse said, because of planned maintenance and divestment.
The Credit Suisse price target is pegged to a Brent crude price assumption of US$60 per barrel.
In afternoon trading, BP shares were 3.5% lower at 329.15p.