Liberum analyst Ben Davis downgraded Rio Tinto to Neutral from Buy with a 4,570 GBp price target. Following a “tactical upgrade” in November on short-term iron ore bullishness, the firm downgraded the shares as its restocking indicator “falls to a Hold signal and other seasonal kicks, such as Australia/Brazil supply disruption, fail to materialize.”
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Read More on RIO:
- Rio Tinto (RIO) Announces Q2 Dividend: Save the Dates!
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- Rio Tinto price target raised to 7,040 GBp from 7,000 GBp at JPMorgan
- Rio Tinto price target lowered to 5,900 GBp from 6,100 GBp at RBC Capital
- Rio Tinto reports FY23 underlying EBITDA $23.9B vs. $26.3B last year
