UPDATE: Shaw Stockbroking Upgrades BHP Billiton to Buy on 2014 Earnings Outlook

Shaw Stockbroking upgraded BHP Billiton (NYSE: BHP) from Hold to Buy and raised the price target from $39.00 to $39.75.Shaw Stockbroking analyst Vincent Pisani noted, "After underperforming the ASX200 by 11.8% since the beginning of 2013, we have upgraded our recommendation on BHP from HOLD to BUY. Key to this has been a 3.6% increase in FY'14 earnings outlook to $16.9bn and a 3.0% increase in FY'15 consensus earnings to US$17.9bn. We have also raised our price target from $39.00 to $39.75. Although only 2%, the stock's fall in recent weeks from a high of $39.00 to $35.82 (8.2%) gives us justification to raise our recommendation."BHP Billiton closed at $35.82 on Thursday.