BUZZ-Miners: brokers shuffle ratings
** Jefferies cuts BHP Billiton (NYSE: BBL - news) and S32 (to 'Hold' from 'Buy') and Vedanta Resources (Other OTC: VDNRF - news) and Fortescue Metals Group (to 'Underperform' from 'Hold')
** Broker sees the balance sheet recap trade in mining & the Chinese stimulus-driven recovery in demand as over
** Prices for some commodities should go higher due to structural factors (i.e., copper), but the macroeconomic cycle is no longer a clear positive, per Jefferies
** UBS (LSE: 0QNR.L - news) , meanwhile, upgrades BHP to 'Buy' from 'Neutral' in a note entitled 'cash flow too compelling'
** Broker expects BHP to report robust H2 earnings of $5.0bn on Aug 22 and pay a 56c/sh dividend (60% payout); this would take FY17 dividend to 96c/sh (>6% yield) (Reuters Messanging: aniruddha.c.thomsonreuters.com@reuters.net)