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Rio Tinto: RBC welcomes group guidance

( - Royal Bank of Canada (RBC) gives Rio Tinto a “sector perform” rating with a negative news sentiment on the stock and sets its price target at AUD93.

"RIO released its 2023 volume and cost guidance... Overall, volume guidance was lower for iron ore and broadly in line for aluminium and copper," RBC notes, which also says that "Decarbonisation capex spend of $7.5bn by 2030 remains unchanged."

"We see RIO's continuing pivot to growth as a positive. The company's portfolio has some compelling options in our view and unlike the other majors offers growing lithium exposure," the analyst continued.

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