Buy, hold, sell – BHP, RIO upgraded

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In the good books

Citi has upgraded Alumina (AWC) to Buy from Neutral B/S/H - 2/3/2. Citi has made commodity price revisions, with significant upgrades for bulk commodities. Better-than-expected Chinese growth and supply-side reforms have provided support for the market. Key 2018 forecasts are US$64/t for iron ore, US$155/t for metallurgical coal and US$78/t for thermal coal. Upgrades are also made to manganese, copper, alumina, and aluminium. Target is raised to $2.50 from $1.90.

Citi’s commodity price revisions (see above) also see BHP (BHP) upgraded to Buy from Neutral B/H/S – 6/2/0. Target is raised to $32 from $29.

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