Morgans assesses a good underlying performance from BHP Group's 3Q activities report, despite the worst covid impacts of the pandemic to-date, following interruptions for Nickel West, iron ore in WA, as well as Escondida in Chile.

The broker notes that commodity price strength continues to outweigh both covid and inflationary pressures for the company. The Add rating is maintained, while the target price rises to $54.30 from $51.80.

Sector: Materials.

Target price is $54.30.Current Price is $50.70. Difference: $3.60 - (brackets indicate current price is over target). If BHP meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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