Bernstein upgraded BHP Group to Outperform from Market Perform. A confluence of alpha and beta occurred for the firm last week, Bernstein says. In terms of beta, the firm watched iron ore briefly touch below $90/t, a level where it sees risk/reward skewed to the positive. In terms of alpha, Bernstein hosted Brandon Craig for various investor meetings last week and was able to spend time listening to leadership and listening to investors asking questions. Bernstein came away expecting positive BHP-specific catalysts to unfold over the next 12 months.
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