Friday 5th August 2011 |
Text too small? |
Credit Suisse has cut BHP Billiton (ASX: BHP) to Neutral from Outperform, and the broker has slashed its price target to A$47 from A$58 and GBP31.60 from GBP33.00. The downgrade follows the incorporation of BHP's Petrohawk acquisition into Credit Suisse's model. Credit Suisse says "we view the stock as fairly valued with limited share price catalysts as the Petrohawk acquisition removes near-term potential for a significant capital management surprise." The broker prefers Rio Tinto over BHP.
BHP disclosed plans last month to acquire Petrohawk for $12.1 billion in one of the largest deals of the year, which would double BHP's resource base in oil and gas. Houston-based Petrohawk's assets cover about a million acres in Texas and Louisiana, with an estimated 2011 net production of about 950 million cubic feet equivalent per day.
Contact IRG on 0800 437 8489
Broker recommendations are sourced from the IRESS software trading platform and Morningstar equity analysts.
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024