UBS analyst Myles Allsop downgraded Rio Tinto to Sell from Neutral with a price target of 5,000 GBp, up from 4,600 GBp. The macro backdrop for commodities and miners improved in November when China started to ease Covid restrictions and also announced a meaningful property stimulus, which drove an "aggressive" response in the stock price, the analyst tells investors in a research note. After moving up 38% since October-end however, the stock price has "moved too far, too fast", Allsop adds.
Published first on TheFly
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