Goldman Sachs Upgrades BHP Billiton (BHP) to Conviction Buy On Oil Exposure and Dependable Growth

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October 24, 2011 6:44 AM EDT
Get Alerts BHP Hot Sheet
Price: $86.78 -0.52%

Rating Summary:
    8 Buy, 16 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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Goldman Sachs upgraded BHP Billiton (NYSE: BHP) from Neutral to Buy and added the stock to its Conviction Buy list.

The firm said the stock offers unique exposure to oil, the most dependable
growth, and is a GS SUSTAIN winner with peer-leading CROCI returns.

Specifically on oil, the firm said we are in the tightest physical market since the end of 2007/beginning of 2008. Weak supply, solid demand, large draws in inventories and limited spare capacity could see oil prices moving to a "demand-rationing level."

Goldman raised their price target to 3100p from 3050p.

For more ratings news on BHP Billiton click here and for the rating history of BHP Billiton click here.

Shares of BHP Billiton closed at $75.07 yesterday.

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Hot Upgrades, Upgrades

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Goldman Sachs Conviction Buy List, Goldman Sachs