BofA Securities Downgrades BHP Billiton (BHP) to Neutral

BofA Securities analyst James Redfern downgraded BHP Billiton (NYSE: BHP) from Buy to Neutral.

The analyst comments "Downgrade to Neutral: 1) Fairly full valuation 2) China credit impulse turned negative 3) Increasing oil related global macro risks related to the conflict in Middle East. Valuation: Big miners typically trade in range of c. 0.6-1.2x P/NPV through cycle. BHP trades close to top of this range (c. 1.1x), price objective is unchanged at A$69/sh, set at 1.2x P/NPV. To be clear, this is very much a top-down call rather than a call on stock specifics."

For an analyst ratings summary and ratings history on BHP Billiton click here. For more ratings news on BHP Billiton click here.

Shares of BHP Billiton closed at $84.94 yesterday.

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