Jefferies keeps BHP at 'hold', says copper growth outlook key focus

BHP

12/10/2026 21:59

** Analysts at Jefferies maintain "hold" rating for global miner BHP Group BHP.AX, at a price target of A$65 per share
** BHP's recent operational performance across most of its portfolio has been encouraging, though valuation and exposure to iron ore underpin its neutral stance - Jefferies 
** Brokerage says higher freight rates to China, diesel inflation and weaker iron ore prices are likely to pressure margins in BHP's Western Australia iron ore operations, leaving earnings from business an overhang on the stock
** Adds visibility on timing and direction of BHP's copper growth projects remains key investor focus, with co's diversified pipeline providing multiple growth options
** Expects copper earnings to continue outpacing iron ore earnings, supported by stronger copper prices and production growth projects
** Six of 22 analysts rate the stock "buy" or higher, 15 "hold" and one "sell" or lower; their median PT is A$62.02 – LSEG-compiled data
** Stock up 37.2% YTD, as of last close

 (Reporting by Rudrannsh Mehra in Bengaluru)
 ((Rudrannsh.Mehra@thomsonreuters.com;))