tiprankstipranks
Rio Tinto downgraded to Neutral at Citi after Capital Markets Day
The Fly

Rio Tinto downgraded to Neutral at Citi after Capital Markets Day

Citi analyst Ephrem Ravi downgraded Rio Tinto to Neutral from Buy with a price target of 5,800 GBp, down from 6,000 GBp, as he lowered his calendar year 2023 and 2024 EPS estimates by 11% and 6%, respectively, following the company’s Capital Markets Day. Rio shares are up 28% since the end of October amid a "market euphoria around potential China reopening," but Ravi thinks China reopening is a second half of 2023 event and in the meantime says there is a "sharp ex-China downturn" in steel production to navigate.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on RIO:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles