BHP Group's (ASX:BHP) long-term fundamentals are "bullish" and the company is expected to benefit from global economic growth, said Argus Research in a March 28 note.

The company's American Depositary Receipts have underperformed year to date, being 20% off their 52-week high. Also, its shares have underperformed over the past year, falling 14%, the note added.

The research firm expects commodity prices to increase as China's economy recovers.

The company's balance sheet is "solid" and its 4% forecasted dividend yield is "attractive", the note said.

Argus Research kept BHP's buy with a price target of $56.

The company's shares rose 2% in recent Tuesday trade.