** Analysts at Jefferies say mining giant BHP's BHP.AX strategic focus on copper points towards another bid for Anglo American AAL.L or another copper miner

** "As recently reported by Reuters, BHP considered spinning off its Australian iron ore and coal businesses over the last two years as part of a strategic shift to focus on what it considers to be future-facing commodities" - Jefferies

** Brokerage says a challenge in doing a restructuring now is a lack of cash flow, given BHP's planned capex for its copper business

** Adds that another play for Anglo American, after last year's failed bid by the global miner, could be a "compelling strategy"

** 10 of 18 analysts rate BHP stock "buy" or higher, seven "hold" and one "strong sell"; their median PT is A$45.00– LSEG data

** Stock closed at A$35.38 on Tuesday, down 10.5% YTD

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))