BofA raised the firm’s price target on BHP Group to A$57 from A$51.50 and keeps a Buy rating on the shares. Near term, the firm expects iron ore prices to rise to A$150/ton in Q1 driven by restocking by Chinese steel mills and seasonal supply disruptions in Australia and Brazil. BofA’s higher price objective based on 1.0x NPV also reflects its new higher long-term commodity price forecasts based on marginal cost and incentive pricing assumptions.
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