Dahlman Rose Reiterates $100 Target On BHP (BHP)

Dahlman Rose & Co. is out with a research note and is reiterating its Buy rating and $100 target on shares of BHP Billiton Limited BHP. In a note sent to clients, Dahlman writes, "We believe that BHP's decision to walk away from the offer should not be viewed as another deal failure for CEO Marius Kloppers, but as an indication that he values shareholders' interests and will not pursue a deal at any cost. Further, we believe that the elimination of the uncertainty surrounding the offer eliminates a near-term headwind for BHP ADRs. We continue to rate BHP as a Buy, with a $100 price target, based upon applying an 8.5x EV/EBITDA multiple to our 2011 EBITDA estimate of $33.5 Bn." Shares of BHP are off $1.15 to $86.54, a loss of 1.3% in pre-market trading.