BHP Production Update Pleases Jefferies -- Market Talk

Dow Jones09:32

0132 GMT - BHP's 3Q production update is a positive one, according to Jefferies. Iron ore beats expectations, more than offsetting a miss in met coal. BHP reports a slight miss versus consensus in copper, but Jefferies highlights upgrades to FY 2026 production and cost guidance in that business. "The bottom line is BHP has operated well in copper, especially at Escondida ahead of the lower expected grades in the coming years," it says. Jefferies says it nevertheless keeps a hold rating on BHP shares, citing concerns about spending as the company seeks to expand its copper business further. Its target on the stock is A$52/share. BHP is up 0.6% at A$55.84. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

April 21, 2026 21:32 ET (01:32 GMT)

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Jefferies says it nevertheless keeps a hold rating on BHP shares, citing concerns about spending as the company seeks to expand its copper business further. Its target on the stock is A$52/share. BHP is up 0.6% at A$55.84. 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Iron ore beats expectations, more than offsetting a miss in met coal. BHP reports a slight miss versus consensus in copper, but Jefferies highlights upgrades to FY 2026 production and cost guidance in that business. \"The bottom line is BHP has operated well in copper, especially at Escondida ahead of the lower expected grades in the coming years,\" it says. Jefferies says it nevertheless keeps a hold rating on BHP shares, citing concerns about spending as the company seeks to expand its copper business further. Its target on the stock is A$52/share. BHP is up 0.6% at A$55.84. 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