BHP - BHP GROUP LIMITED
Citi rates BHP as Buy (1) - In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks.
The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable.
Commodity prices under such a scenario for 2025-26 include iron ore at US$90/80 per ton, brent oil at US$58/50 per barrel, LNG at $9.2/77 per MMBtu and copper at US$8,425/7,500 per ton.
The broker believes BHP Group's higher copper plus coking coal exposure makes it less defensive vs Rio Tinto ((RIO)).
Buy. Target $45.
(20min delay)