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BUZZ-Goldman lifts Glencore to "buy", cuts BHP to "neutral"

Reuters - UK Focus

** Mining companies that are likely to struggle to cover dividends with free cash flow as iron prices remain muted see downgrades at Goldman, while broker adds Glencore (Xetra: A1JAGV - news) to its conviction buy list

** Goldman's commodities analysts cut their iron ore price forecasts on Wednesday

** Slower infrastructure spending in China as well as its focus on reducing air pollution has seen domestic demand for steel down 6.2 pct in Q1, Goldman says, weighing on iron ore prices

** At iron ore under $40/t, Goldman estimates BHP, Rio Tinto (Xetra: 855018 - news) and Anglo American (LSE: AAL.L - news) would be unable to cover their dividends and Kumba would have to suspend its dividend

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** Broker cuts Anglo and Kumba Iron Ore (Other OTC: KIROY - news) to "sell", and BHP to "neutral" and removes it from its conviction list. Keeps "sell" on Rio Tinto

** Glencore is Goldman's top pick among large-caps, see company as only one that can cover dividend with free cash flow. Upgrades stock to "buy" from "neutral" (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)