Brokers issue new price targets on soaring ASX 200 mining shares

Plenty of ASX 200 mining shares have hit multi-year highs over the past fortnight as several key commodity prices continue to soar.

Some commodities have risen by more than 25% and even up to 70% over the past month alone.

This has led to many brokers updating their ratings and 12-month share price targets on several leading ASX 200 miners.

Let’s take a look.

BHP Group Ltd (ASX: BHP)

The ASX 200 iron ore and copper mining giant hit a two-year high of $49.75 per share yesterday.

Last week, Jason Fairclough at Bank of America reiterated his buy rating on BHP shares.

He raised his 12-month share price target from $49 to $56.

A $56 share price would be a record for BHP shares. The current record is $50.84, reached on 28 December 2023.

This week, Goldman Sachs maintained a buy rating on the market’s largest ASX 200 mining share.

The broker lifted its price target from $48.10 to $57.70.

Also this week, Macquarie reiterated its hold rating on BHP and raised its price target from $43 to $48.

Morgan Stanley reiterated its buy rating on BHP shares with a price target of $48.

Yesterday, Ord Minnett reiterated its buy rating and lifted its price target from $48 to $49.

Fortescue Ltd (ASX: FMG)

The Fortescue share price hit a 52-week high of $23.38 on 11 December.

The ASX 200 mining share has been trading very close to this level recently.

This week, Jarden reiterated its sell rating on Fortescue shares and raised its price target from $16 to $17.

Goldman Sachs reiterated its hold rating and raised its target from $19.30 to $22.70.

Macquarie retained its sell rating with a revised price target of $21, up from $19.50.

Mineral Resources Ltd (ASX: MIN)

This ASX 200 iron ore and lithium mining share reached a 52-week high of $62.86 on Thursday.

This week, Bell Potter maintained its buy rating and raised its price target from $59 to $68.

Goldman Sachs maintained its sell rating but raised its target from $35 to $43.

Macquarie maintained its hold rating and raised its price target from $51 to $56.

PLS Group Ltd (ASX: PLS)

The ASX 200’s largest pure-play lithium share hit a two-and-a-half-year high of $5.04 yesterday.

This week, Bell Potter upgraded its rating to hold and lifted its price target from $2.65 to $4.55.

Macquarie kept its hold rating but lifted its price target from $3.80 to $4.50.

South32 Ltd (ASX: S32)

ASX 200 diversified mining share South32 hit a near two-year high of $4.17 yesterday.

South32 is exposed to nine commodities, including silver via its Cannington mine and aluminium.

This week, UBS maintained its hold rating with a price target of $3.50.

Morgan Stanley reiterated its buy rating with a target of $3.45.

Goldman Sachs maintained its hold rating but raised its target from $2.90 to $3.40.

Macquarie reiterated its buy rating and lifted its target from $3.70 to $4.20.

Newmont Corporation CDI (ASX: NEM)

This ASX 200 large-cap gold mining share reached a new record of $172.60 on Wednesday.

Citi reiterated its buy rating and lifted its target price from $160 to $177.

Goldman Sachs reiterated its buy rating and lifted its target price from $154.50 to $185.10.

Sandfire Resources Ltd (ASX: SFR)

The ASX 200’s largest pure-play copper share reached a record $19.61 yesterday.

This week, Goldman Sachs reiterated its hold rating but lifted its target price from $12.30 to $16.20.

Canaccord Genuity kept its hold rating too, but lifted its target from $15 to $19.25.

Morgan Stanley reiterated its sell rating with an $11.45 target.

The post Brokers issue new price targets on soaring ASX 200 mining shares 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 and South32. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and 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.