Barclays analyst Amos Fletcher upgraded Rio Tinto to Overweight from Equal Weight with an unchanged price target of 6,300 GBp. Following a week in China, the analyst has become more positive on pig iron output into 2024, saying it can support iron ore prices. Given supportive iron ore demand trends, limited low-cost supply growth into 2024 and favorable seasonality, consensus iron price price expectations are looking too bearish in 2024 and 2025, the analyst tells investors in a research note. The firm sees an attractive valuation at current Rio Tinto share levels.
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