Goldman Sachs upgraded BHP Group (BHP) to Buy from Neutral with a A$49.90 price target. The analyst sees an attractive valuation after the recent 15% drop in the stock price since January. The firm cites valuation for the upgrade but continues to prefer Rio Tinto (RIO) over BHP, saying Rio has a stronger balance sheet, similar EBITDA exposure to iron ore and base metals, and better medium term production growth and free cash flow.
Published first on TheFly
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