The BHP share price ended last week at $58.41, up by 28% from last year's closing price. It's now at the highest price the miner has ever traded at in its 140-year history as a listed company. In short, BHP shares are on fire — and there's another 20% to come, according to one analyst.
On Wednesday, Jason Fairclough of Bank of America put a 12-month price target of $68 on BHP shares. What's most exciting about this analyst's tip is that the guy has form. Last month, Fairclough was the first expert to suggest the shares could go into the high $50s in 2026.
Fairclough put out a note in mid-January tipping that BHP shares could rise to $56 within a year. His previous target had been $49. At the time, five other analysts had also recently updated their price targets.
All of them, except Barclays, were tipping the late $40s range for the BHP share price. Barclays' price target was $50.12. Over ensuing weeks, Goldman Sachs raised its price target on BHP shares to $57.70, while Morgan Stanley increased it to $56.50. And Fairclough went to $57.
BHP shares cracked the $50 mark for the first time in two years on 27 January. Then the mining share hovered between $49 and $52 for a couple of weeks. Then came BHP's 1H FY26 report and a $4.3 billion silver streaming deal, both announced on 17 February, which added serious fuel to the mining stock's fire.
The iron ore and copper mining giant reported a 28% profit increase to US$5.64 billion for 1H FY26. The news made the brokers go back to their models to update their price targets. Fairclough lifted his target to $60. Then, on Wednesday, he lifted his 12-month target to $68.
Stay tuned for what happens next!
