RBC Capital lowered the firm’s price target on Rio Tinto to 4,800 GBp from 5,100 GBp and keeps a Sector Perform rating on the shares after attending the company’s Pilbara Iron Ore presentation. The company’s maiden 2024 production and medium cost guidance was provided, which was marginally lower in volumes with SP10 levels sustaining into the medium-term, but costs were also on the upper end of the firm’s previous expectations, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on RIO:
- Rio Tinto upgraded to Neutral on low iron ore inventory at UBS
- Rio Tinto upgraded to Neutral from Sell at UBS
- Rio Tinto, Fortune Minerals team to expand North American minerals production
- Rio Tinto put volume heavy and directionally bearish
- Rio Tinto Limited named a ‘Research Tactical Idea’ at Morgan Stanley