Berenberg analyst Richard Hatch double upgraded Rio Tinto to Buy from Sell with a price target of 6,700 GBp, up from 4,000 GBp. Even with recession concerns and China volatility from the ending of its zero-COVID policy, commodity markets look to be in "good health" as inventories are low and there is a modest easing of supply challenges, Hatch tells investors in a research note. He believes Rio should be able to outperform in this environment.
Published first on TheFly
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Read More on RIO:
- 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
- Rio Tinto downgraded to Sell from Neutral at UBS
- Rio Tinto acquisition of Turquoise Hill receives shareholder support
