UPDATE: Barclays Initiates BHP Billiton at Overweight; Least Risky Exposure to Commodities

Barclays initiated coverage on BHP Billiton BBL with an Overweight rating. Barclays commented, "For the long-term investor, we consider BHP to be the least complicated, least risky way to gain exposure to commodities – which itself is a play on industrialisation and urbanisation of about 40% of the world's population. The company's record of consistency, simplicity and deliberate focus on the long-term picture makes it a core long-term holding, in our view. This report acts as a primer to BHP's strategy and the nuances of the BHP investment case. We initiate coverage of the Australian listing of BHP Billiton with a 1-OW rating and a price target of A$42 (potential upside of 38%)." BHP Billiton closed at $56.16 on Friday.