The Big Australian said overnight that it had moved on from its three failed attempts to buy Anglo American (AAL LN) for $75bn. We regard this as a glimmer of good news, as there was always the concern they would revisit AAL and pay too much. For now, BHP is at the mercy of iron ore and Beijing’s future stimulus path—our $40-$50 trading range over the next year remains intact.
- We believe BHP will trade towards $50 over the coming months/quarters – MM holds BHP in our Active Growth and Active Income Portfolios.
MM is long and bullish BHP
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