Credit Suisse suspects a V-shaped recovery is unlikely without a 2009-type stimulus from China to underpin commodity markets. Base metal forecasts have been reduced out to 2022.
A bearish copper view is now included in the broker’s forecasts. With a strong balance sheet and plenty of organic growth Credit Suisse suggests there may be an opportunity to sidestep a decision on Jansen.
Outperform rating and $39 target maintained.
Target price is $39.00.Current Price is $31.00. Difference: $8.00 – (brackets indicate current price is over target). If BHP meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).