BMO Capital downgraded BHP Group (BHP) to Market Perform from Outperform with an unchanged price target of 2,000 GBp. The firm cites valuation for the downgrade with the shares rallying to the price target in recent days. The rally, coupled with BMO’s review of its Jansen assumptions following the announced delays create a “less compelling” share multiple, especially with BHP’s free cash flow yields now below average, the analyst tells investors in a research note.
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Read More on BHP:
- BHP Group downgraded to Sell from Hold at Berenberg
- BHP Group price target lowered to 2,130 GBp from 2,260 GBp at JPMorgan
- Positive Outlook for BHP Group Ltd: Strong Production Figures and Strategic Developments Support Buy Rating
- BHP Group downgraded to Neutral from Outperform at Macquarie
- BHP Group downgraded to Neutral at Macquarie on Jansen cost ‘blow out’