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”.
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