With another subdued showing on Tuesday, the BHP Group Ltd (ASX: BHP) share price has now pulled back over 11% from its recent demerger-adjusted record high.
In light of this, now could be a good time to look to see what brokers are saying about the mining giant.
What are brokers saying about the BHP share price?
While there aren't many buy ratings on the Big Australian's shares, a couple see some value at the current level.
One of those is Macquarie, which is the only broker I'm aware of with a buy rating on its shares.
According to the note, the broker has an outperform rating and $52.00 price target on them. Based on the current BHP share price of $47.72, this implies potential upside of 9% for investors over the next 12 months.
In addition, the broker is forecasting a fully franked dividend of approximately $3.00 per share in FY 2023. This equates to a 6.3% yield, boosting the total potential return to over 15%.
Elsewhere, the team at Goldman Sachs is sitting on the fence with the miner and has a neutral rating and $49.00 price target on its shares. This suggests modest upside of 2.7% from current levels.
Finally, at the other end of the scale you have analysts at UBS, which have a sell rating and lowly $39.00 price target. This implies downside risk of approximately 18% from where the BHP share price currently trades.
Which broker makes the right call may largely depend on where commodity prices go from here. If China's reopening supports demand and high prices, then the bulls could be onto a winner here.
If it doesn't, it could be the bears that celebrate. Time will tell what happens.
