Rio Tinto price target raised to 5,100 GBp from 5,000 GBp at RBC Capital

RBC Capital analyst Tyler Broda raised the firm’s price target on Rio Tinto to 5,100 GBp from 5,000 GBp and keeps a Sector Perform rating on the shares. Now that sustainable production has begun at Oyu Tolgoi mine in Mongolia, the focus may shift towards the medium-term potential for this multi-generational asset, the analyst tells investors in a research note. Rio Tinto adds that while the stock is at “fair value”, but that includes a “subdued” $75/t long-term iron ore assumption, leaving risk-reward skewing “increasingly positive”.