CLSA analyst Robert Stein downgraded Rio Tinto to Underperform from Outperform with a price target of A$117.50, up from A$103, as he updated his equity ratings to account for his updated price outlook for commodities and downgraded the iron ore majors. He favors commodities with "a Chinese supply and demand skew," prefers ferrous over base metals and believes thermal coal will outperform consensus, Stein tells investors.
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Published first on TheFly
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Read More on RIO:
- Rio Tinto upgraded to Equal Weight from Underweight at Barclays
- Rio Tinto upgraded to Buy from Sell at Berenberg
- Rio Tinto price target raised to 6,200 GBp from 5,800 GBp at Deutsche Bank
- JPMorgan says Rio Tinto has ‘run too hard,’ downgrades to Underweight
- Rio Tinto downgraded to Underweight from Neutral at JPMorgan