Investec has upgraded its stance on BHP Billiton from 'sell' to
'hold' following the spin-off of the miner's South32 portfolio this week,
as well as recent reduced capital and operating cost guidance.
The broker said the de-merger of non-core aluminium, silver, energy coal,
metallurgical coal,
nickel and manganese assets has come
at an "unfortunate time" for BHP,
with many key commodities at prices not seen since 2009.