BofA Upgrades BHP Stock to Buy with AUD 68 Target
BHP stock received an upgrade from BofA Securities to 'Buy' with a target price of AUD 68.00, up from its previous target of AUD 65.00. This move is based on the bank's more optimistic outlook for copper prices and a planned site visit to BHP's Australian copper operations in November.
The upgrade comes after BofA raised its long-term copper price forecast by 20.00 percent to USD 13,577.00 per metric ton. This increased confidence in copper prices is a key factor supporting the upgrade of BHP stock to 'Buy'.
BHP's attributable profit reached USD 9.8 billion in fiscal 2026, an 8.89 percent year-over-year increase from USD 9.0 billion in fiscal 2025. The company produced 2.0 million tonnes of copper for a second consecutive year and saw copper contribute more than half of its underlying EBITDA.