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Fly News Breaks for January 14, 2019
AWCMY, BHP
Jan 14, 2019 | 14:02 EDT
As previously reported, Goldman Sachs analyst Paul Young maintains a Buy rating on BHP Billiton (BHP) but removed the stock from the firm's Conviction List after incorporating the recent price downgrades of iron ore, oil and base metals from the firm's commodity team. He expect BHP to report weak production across most divisions when it reports quarterly results on January 22, but sees production recovering in the second half 2019. Young also added Alumina to his firm's Conviction List while keeping a Buy rating on the shares, stating that he expects alumina margins to decline 12% sequentially in the December quarter on a 7% decline in realized prices. Young sees the upcoming February reporting season as a key catalyst for the Australian bulk miners, as he projects record shareholder returns and "disciplined investment in high-returning growth projects," the analyst added.
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