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Upgrade Alert for BHP Billiton (BHP)

By Nick Russo

BHP Billiton (NYSE:BHP) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $32.69 on volume of 3.9 million shares, below average daily volume of 4.6 million.

BHP Billiton Limited is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.

In the past 52 weeks, BHP Billiton share prices have been bracketed by a low of $18.46 and a high of $52.43 and closed yesterday at $32.69, 77% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.5%.

Potential upside of 36.3% exists for BHP Billiton, based on a current level of $32.69 and analysts' average consensus price target of $44.56. The stock should find initial support at its 200-day moving average (MA) of $29.28 and further support at its 50-day MA of $27.25.

SmarTrend recommended that subscribers consider buying shares of BHP Billiton on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.72. Since that recommendation, shares of BHP Billiton have risen 3.0%. We continue to monitor BHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades BHP Billiton

Ticker(s): BHP