Rio Tinto: shares drop after RBC downgrade.
(CercleFinance.com) - Shares in global miner Rio Tinto are down 1.
3% at 3,367 pence today in London, as RBC Capital Markets downgrades its rating on the stock from "top pick" to "outperform," while maintaining its target price of 4,200 pence.
In a research note, RBC said that there are signs of larger valuation disconnect with peer Anglo American and a dynamic growth story developing at rival Glencore.
However, still seeing 30% upside potential over the next 12 months, the brokerage firm says it continues to remain very positive towards the sector and the iron ore market.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
3% at 3,367 pence today in London, as RBC Capital Markets downgrades its rating on the stock from "top pick" to "outperform," while maintaining its target price of 4,200 pence.
In a research note, RBC said that there are signs of larger valuation disconnect with peer Anglo American and a dynamic growth story developing at rival Glencore.
However, still seeing 30% upside potential over the next 12 months, the brokerage firm says it continues to remain very positive towards the sector and the iron ore market.
Copyright (c) 2017 CercleFinance.com. All rights reserved.