The South32 Ltd (ASX: S32) share price is pushing higher again on Monday.
In afternoon trade, the mining giant's shares are up almost 1% to $3.88.
This means the South32 share price is up 54% in 2021 and trading close to its 52-week high.
Where next for the South32 share price?
The good news for investors is that the South32 share price can keep rising according to a number of brokers.
Two that are particularly positive are Goldman Sachs and Morgans.
In respect to the latter, last week Morgans upgraded the miner's shares to an add rating with a $4.10 price target. Whereas the former has a conviction buy rating and $4.40 price target on South32's shares.
Both brokers are also forecasting big dividends in the near term. For example, Goldman Sachs expects double digit, fully franked dividend yields for the next five financial years.
What did the brokers say?
Morgans likes South32 due to its upside potential, generous yield, and commodity diversification.
The broker explained: "We upgrade our recommendation on S32 to Add, from Hold, seeing an attractive investment proposition of upside to our target, an attractive 7.6% dividend yield FY22F [at the time], and capacity to keep pursuing new growth. S32 also boasts superior diversification compared to its fellow ASX mining peers (with BHP divestments in oil & gas and coal, RIO's oversized iron ore exposure, and FMG's single exposure to iron ore and ground-floor entry into renewables)."
Whereas Goldman Sachs is positive on the South32 share price partly due to its valuation and free cash flow yield.
Goldman said: "We forecast a FCF yield of c. 16-18% in FY22 & FY23 (over 20% at spot) [at the time], driven mostly by exposure to base metals (aluminium & alumina c. 50% of FY22 EBITDA, zinc/nickel c. 20%)."
All in all, the South32 share price may be up materially this year, but these brokers don't believe it is too late to invest.
