Bernstein analyst Bob Brackett downgraded BHP Group to Market Perform from Outperform with a price target of $58, down from $60. With iron ore over $120 per ton, BHP’s risk/reward is “not skewed to the positive,” the analyst tells investors in a research note. The firm finds t hard to believe the stock “won’t get punished for falling iron ore prices.” It says the risk/reward for iron ore is “skewed towards risk.”
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