JPMorgan raised the firm’s price target on BHP Group (BHP) to A$50 from A$47 and keeps an Overweight rating on the shares. Iron ore prices “look well supported “on the back of resilient Chinese steel production, port restocking and recent policy easing, the analyst tells investors in a research note. The firm believes China steel cuts will be “aggressively implemented.” From an investment standpoint, the iron ore miners are JPMorgan’s preferred sub-sector within the Aussie metals and mining space. The firm named Rio Tinto (RIO) its new top pick. Compared to BHP Group, Rio screens “slightly cheaper,” says JPMorgan.
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