The BHP Group Ltd (ASX: BHP) share price is rebounding on Wednesday.
At the time of writing, the mining giant's shares are up over 2% to $44.15.
This appears to have been driven by a reasonably positive reaction from brokers to the Big Australian's FY 2023 results.
Brokers tip BHP share price to rise
This morning, analysts at Goldman Sachs, Macquarie, and Morgans have all reiterated their equivalent of buy ratings on the miner's shares.
In respect to the latter, its analysts retained their add rating and $51 price target. Morgans commented:
A solid FY23 result from the big miner, with BHP defending again broad global cost pressures, and further building its competitive advantage. FY23 attributable underlying NPAT of US$13.4bn, in-line with market estimates.
It was a similar story over at Goldman Sachs, with its analysts retaining their buy rating with an improved price target of $46.10 price target. The broker said:
BHP reported a broadly in-line FY23 result with underlying EBITDA/NPAT of US$28.0bn/US$13.4bn, in-line/-3% vs. our US$27.8bn/US$13.9bn estimates, and Visible Alpha consensus. Operating cost performance was slightly better than expected for Pilbara iron ore and Qld met coal.
Finally, the team at Macquarie has responded to the result by retaining its outperform rating and $47.00.
Based on the current BHP share price, these price targets imply a potential upside of 4.5% to 15.5% over the next 12 months.
Citi stays neutral
It is worth noting that the team at Citi continues to sit on the fence with the Big Australian. While the broker acknowledges the quality of BHP, it isn't a fan of its valuation. It said:
There's no doubting today the quality of both BHP's operational performance and its assets. It hasn't always had the best operational performance – but it's always had the best assets. […] We like the assets and management but wish it were cheaper.
Citi has a neutral rating and a $44 price target on its shares.
