Macquarie downgraded Rio Tinto (RIO) to Neutral from Outperform with a price target of A$119, down from A$120. Rio’s calendar Q3 result missed on copper and aluminum, while Pilbara iron ore was in line, notes the analyst, who prefers BHP (BHP) to Rio in Australia due to its higher quality, lower risk asset mix and what the firm views as a “more compelling valuation.”
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