01:05 PM EDT, 04/18/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $62, driven by an assumed EV/EBITDA of 5.8x our FY25 (Jun.) EBITDA estimate, a premium to BHP's three-year avg. forward EV/EBITDA of 5.1x. We decrease our FY24 earnings per ADR estimate by $0.10 to $5.20 and FY25's by $0.10 to $4.68. FQ3 iron ore production increased 3% Y/Y to 61.5 million metric tons (mt), with YTD production down 1% to 190.5 million mt; annual guidance is unchanged at 254-264.5 million mt. FQ3 copper production rose 15% Y/Y to 465.9 thousand mt and YTD production is up 10% Y/Y to 1.36 million mt; annual guidance remains at 1.72-1.91 million mt. Q3 metallurgical coal (met coal) production fell 13% Y/Y and is down 16% YTD; annual guidance was lowered by 8% at the midpoint to 21.5-22.5 million mt. On a sequential basis, Q3 average realized prices decreased for iron ore (-3%) and met coal (-4%), while copper was up 5%. The Jansen Potash project remains ahead of schedule, now 44% complete, with first production expected at the end of calendar year 2026.