Plenty of ASX 200 mining shares have hit multi-year highs over the past fortnight as several key commodity prices continue to soar.
Some commodities have risen by more than 25% and even up to 70% over the past month alone.
This has led to many brokers updating their ratings and 12-month share price targets on several leading ASX 200 miners.
Let's take a look.
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BHP Group Ltd (ASX: BHP)
The ASX 200 iron ore and copper mining giant hit a two-year high of $49.75 per share yesterday.
Last week, Jason Fairclough at Bank of America reiterated his buy rating on BHP shares.
He raised his 12-month share price target from $49 to $56.
A $56 share price would be a record for BHP shares. The current record is $54.55, reached on 30 July 2021.
This week, Goldman Sachs maintained a buy rating on the market's largest ASX 200 mining share.
The broker lifted its price target from $48.10 to $57.70.
Also this week, Macquarie reiterated its hold rating on BHP and raised its price target from $43 to $48.
Morgan Stanley reiterated its buy rating on BHP shares with a price target of $48.
Yesterday, Ord Minnett reiterated its buy rating and lifted its price target from $48 to $49.
Fortescue Ltd (ASX: FMG)
The Fortescue share price hit a 52-week high of $23.38 on 11 December.
The ASX 200 mining share has been trading very close to this level recently.
This week, Jarden reiterated its sell rating on Fortescue shares and raised its price target from $16 to $17.
Goldman Sachs reiterated its hold rating and raised its target from $19.30 to $22.70.
Macquarie retained its sell rating with a revised price target of $21, up from $19.50.
Mineral Resources Ltd (ASX: MIN)
This ASX 200 iron ore and lithium mining share reached a 52-week high of $62.86 on Thursday.
This week, Bell Potter maintained its buy rating and raised its price target from $59 to $68.
Goldman Sachs maintained its sell rating but raised its target from $35 to $43.
Macquarie maintained its hold rating and raised its price target from $51 to $56.
PLS Group Ltd (ASX: PLS)
The ASX 200's largest pure-play lithium share hit a two-and-a-half-year high of $5.04 yesterday.
This week, Bell Potter upgraded its rating to hold and lifted its price target from $2.65 to $4.55.
Macquarie kept its hold rating but lifted its price target from $3.80 to $4.50.
South32 Ltd (ASX: S32)
ASX 200 diversified mining share South32 hit a near two-year high of $4.17 yesterday.
South32 is exposed to nine commodities, including silver via its Cannington mine and aluminium.
This week, UBS maintained its hold rating with a price target of $3.50.
Morgan Stanley reiterated its buy rating with a target of $3.45.
Goldman Sachs maintained its hold rating but raised its target from $2.90 to $3.40.
Macquarie reiterated its buy rating and lifted its target from $3.70 to $4.20.
Newmont Corporation CDI (ASX: NEM)
This ASX 200 large-cap gold mining share reached a new record of $172.60 on Wednesday.
Citi reiterated its buy rating and lifted its target price from $160 to $177.
Goldman Sachs reiterated its buy rating and lifted its target price from $154.50 to $185.10.
Sandfire Resources Ltd (ASX: SFR)
The ASX 200's largest pure-play copper share reached a record $19.61 yesterday.
This week, Goldman Sachs reiterated its hold rating but lifted its target price from $12.30 to $16.20.
Canaccord Genuity kept its hold rating too, but lifted its target from $15 to $19.25.
Morgan Stanley reiterated its sell rating with an $11.45 target.
