The BHP Group Ltd (ASX: BHP) share price is $53.50, up 2.3% amid the ASX 200 reaching a new record high today.
The materials sector, incorporating mining stocks, is up 1.3% as earnings season continues on Thursday.
BHP pleased the market this week after reporting a 28% profit increase to US$5.64 billion for 1H FY26.
For the first time, copper delivered more than half the miner’s earnings before interest, taxes, depreciation, and amortisation (EBITDA).
BHP’s copper operations contributed record underlying EBITDA of US$8 billion, representing 51% of total EBITDA.
The miner raised its fully-franked interim dividend by 46%, and will pay investors 73 US cents per share on 26 March.
On the same day, BHP also announced a US$4.3 billion silver streaming agreement.
As a result of all this positive news, the BHP share price lifted to a near all-time high of $54.20 on results day.
The BHP share price record is $54.55, set in mid-2021.
Following the 1H FY26 report, brokers have reviewed their ratings and 12-month price targets for the BHP share price.
Let’s see what has changed, and what has stayed the same.
Brokers review ratings on BHP shares
Bank of America reiterated its buy rating on BHP shares and raised its 12-month price target from $57 to $60.
Morgan Stanley also maintained its buy rating but cut its price target from $56.50 to $55.50.
Ord Minnett retained its buy rating on BHP shares and lifted its price target from $51 to $54.
RBC Capital reiterated its hold rating and lifted its BHP share price target from $51 to $55.
Macquarie reiterated its hold rating and lifted its price target from $51 to $52.
UBS maintained its hold rating but bumped up its price target from $47 to $52.
Citi also kept its hold rating on BHP and raised its price target from $48 to $52.
Morgans maintained its hold rating on BHP and raised its target slightly from $48.60 to $49 per share.
The broker said the silver streaming deal offset last month’s revelation of a US$1 billion cost blow-out on the Jansen potash project build.
Morgans commented:
A strong copper-driven 1H26 result, but the highlight was a savvy deal monetising Antamina’s silver stream for value equal to consensus valuation of the entire asset.
Earnings quality continues to step forward, maintaining robust operational and cost performances across the portfolio.
Injecting >US$6bn cash in H2 more than offsets Jansen.
The post BHP share price lifts amid brokers re-rating the miner post-results appeared first on The Motley Fool Australia.
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Citigroup is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in BHP Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.