Dahlman Rose Goes Over BHP's Production (BHP)

Dahlman Rose & Co. is out with a research note on BHP Billiton

, after the Australian miner released its production report for Q1 2011. It has a Buy rating, and a $100 price target on shares. In a note to clients, Dahlman writes, "In BHP Billiton's 1Q11 production report, the company saw a q/q increase in production for 11 commodities, with most assets operating at capacity. Iron ore production increased 2% q/q to 32 MM mt and is on pace to be slightly higher than our 1H11 estimate. In its limited market commentary, BHP indicated that it remains positive on the demand outlook for many of its commodities due to strength in emerging economies and limited supply side response." Shares of BHP are currently down 55 cents to $80.79, a loss of 0.7%.