BHP Group downgraded to Underperform from Outperform at CLSA

CLSA analyst Robert Stein downgraded BHP Group to Underperform from Outperform with a price target of A$48.50, up from A$48, as he updated his equity ratings to account for his updated price outlook for commodities and downgraded the iron ore majors. He favors commodities with "a Chinese supply and demand skew," prefers ferrous over base metals and believes thermal coal will outperform consensus, Stein tells investors.