UPDATE: Citigroup Downgrades BHP Billiton to Neutral on Lower Coal and Nickel Pricing
Citigroup downgraded BHP Billiton (NYSE: BHP) from Buy to Neutral.
Citigroup said, "DQ12 production was in-line with our estimates, with iron ore/petroleum better and coal/copper weaker. Production guidance for oil, iron ore and copper reaffirmed, but our FY13+ estimates have been downgraded on lower coal & nickel prices, plus a higher A$. After the rally in the share price we downgrade our recommendation to Neutral, with an unchanged A$36/share target."
BHP Billiton closed at $77.93 on Tuesday.
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