In the good books
BHP (BHP) was upgraded to Buy from Neutral by Citi. B/H/S – 5/3/0. Citi has upgraded to Buy from Neutral with a higher price target, $33 versus $32 prior, on the realisation the company's shale assets, which are up for divestment, might catch a higher price than previously thought. On Citi's present calculations, based upon recent transactions inside the US shale industry, BHP's shale assets might attract US$14bn instead of US$10bn, while global upheaval due to rising risks from economic protectionism are believed to be overdone.
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