MADRID (MarketWatch) -- BP PLC was downgraded to hold from buy on Wednesday at Societe Generale, which cited legal uncertainty as the reason for the cut. The analysts cut their target price to 550 pence from 535 pence. "The key risk is the start of the Macondo trial on February 27. The impossibility of 'calling' the legal outcome, leads us tactically to ahold rating, following a year of outperformance," the analysts said. The trial will determine liability for the 2010 Gulf of Mexico oil spill. They added that the "prolonged nature" of the three-stage trial will sustain legal uncertainty and as BP will be last to submit evidence "may lead to material and possibly negative initial newsflow."Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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