HSBC upgraded Rio Tinto to Buy from Hold with a price target of 5,750 GBp, up from 5,550 GBp. Rio is growing volumes ahead of the sector by adding volumes at Oyu Tolgio and Simandou over the next three years, the analyst tells investors in a research note. The firm thinks this will enhance the company’s cash flow and potentially dividends in the future which is not currently priced in by the market.
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