Deutsche Bank Downgrades BHP Billiton PLC. (BLT:LN) (BBL) to Sell
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Deutsche Bank analyst Liam Fitzpatrick downgraded BHP Billiton PLC. (BLT:LN) (NYSE: BBL) from Hold to Sell with a price target of GBp1,550.00 (from GBp1,820.00).
The analyst comments "After outperforming in 2018 on the successful sale of the US Onshore business and improved operational performance in H2 FY18, the major re-rating catalysts are behind us. We downgrade BHP to SELL and now see a more challenging outlook in 2019 due to: 1) Weakening earnings & cash flows: near term earnings are supported by robust iron ore and coking coal prices, masking a sharp fall in oil and muted copper prices. We expect steel raw material prices to fade through 2019 as China steel demand decelerates from >5% in 2018 to 1-2% in 2019."
Shares of BHP Billiton PLC. closed at GBp43.01 yesterday.
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