Citi analyst Ephrem Ravi downgraded Rio Tinto to Neutral from Buy with an unchanged price target of 6,000 GBp. The shares are up 27% since the August 2023 northern summer lull and the “deep discount to valuation is now eroded,” the analyst tells investors in a research note. The firm still has China macro concerns and believes we are unlikely to see any meaningful support for steel demand from recently announced property easing. China steel mills are now loss-making again and we are heading into a period of seasonal weakness for mining equities, contends Citi.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RIO:
- XME, PICK, COPX: Proposed Mining Mega Deal Bullish for These ETFs
- PICK ETF: Diversified Exposure to Industrial Metals as Prices Surge
- Rio Tinto upgraded to Outperform from Neutral at Oddo BHF
- Midland amends option agreement with Rio Tinto
- Rio Tinto price target lowered to 6,610 GBp from 6,630 GBp at JPMorgan