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.
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