Sept. 26 (Bloomberg) -- Rio Tinto Group and BHP Billiton Ltd. had their share-price targets raised by HSBC Holdings Plc because of expectations for a jump in iron-ore prices.
Shares of Rio Tinto will climb to 4,400 pence ($88.75), compared with a previous target of 3,650 pence, while those of BHP Billiton will gain to 1,800 pence, from a previous target of 1,550 pence, HSBC analysts led by Paul McTaggart in London said in a report today.
Brazilian iron-ore prices will climb 30 percent and Australian prices by about 40 percent, the bank said. HSBC also raised its 2008 earnings per share estimate for London-based Rio by 25 percent and its prediction for Melbourne-based BHP's fiscal 2009 earnings by 6 percent.
back to Industry News