Jefferies analyst Christopher LaFemina downgraded BHP Group to Hold from Buy with a price target of $68, down from $72. The firm cites the recent strong performance of the shares, risk that BHP bids again for Anglo after the six-month restriction period ends in late November, and upside risk to BHP’s capex in the medium term for the downgrade. The downgrade is based more on capex and acquisition risk than on valuation, although BHP shares have recently re-rated versus major peers and now trade at a premium on 2026 estimates, the analyst tells investors in a research note.
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