BHP - Deutsche Bank rates the stock as Buy
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Deutsche Bank increases 2017 and 2018 earnings estimates for iron ore stocks by an average of 9% and 11% respectively despite lifting Australian dollar forecasts by around 10% for the same period.
Despite a view that iron ore will retrace to US$50-60/t in the December quarter some stocks are seen already reflecting a lower iron ore price. A dip in the iron ore price should be seen as an opportunity to buy BHP, in the broker's opinion.
Deutsche Bank retains a Buy rating and raises the target to $28.50 from $28.00.
Target price is $28.50.Current Price is $26.54. Difference: $1.96 - (brackets indicate current price is over target). If BHP meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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