Berenberg Lifts BHP Group Price Target Amid Price Deck Changes, Copper Growth Focus

06:24 AM EDT, 09/30/2026 (MT Newswires) -- Berenberg raised its price target for BHP Group (BHP.L, BHG.JO) amid a model update as analysts revised their commodity price deck while continuing to take a "constructive" view on the long-term outlook for the mining industry. For the mining group's fiscal first quarter, the research firm expects maintenance to play a crucial part during the period, with a sequential decline in copper volumes projected, according to a Metals & Mining report published Wednesday. Looking further ahead, analysts anticipate copper growth and capital expenditure to be among BHP's key areas of focus in its fiscal second quarter and beyond, with the group expected to make its final investment decision on the Vicuña copper project in Argentina. "We would also expect a decision on the future of the company's nickel business, which is on care and maintenance, to be made by early CY 2027. We believe that it is highly likely that this business is disposed of," Berenberg said. "Lastly, we note press reports which state that BHP is in discussions with Canadian uranium developer NexGen Energy with regard to a potential stake in the project. While we think this unlikely, mainly due to market scale, there is always scope for BHP to look to accumulate positions in world-class assets." Against this backdrop, the price target was lifted to 35 pounds sterling from 34 pounds, with an unchanged hold rating on the stock. BHP is set to release its operational review for the quarter ended Sept. 30 in October.