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Rio Tinto: shares lose ground as RBC downgrades.

(CercleFinance.com) - Shares in Rio Tinto are down 0.
4% at 3,586 pence in London after RBC Capital Markets downgraded its rating on the miner from "outperform" to "sector perform".

"Rio Tinto management has executed exceptionally well in streamlining the company, increasing asset quality and maximizing cash returns," RBC analysts wrote in a report.

"This has however translated into a share price that captures the strong balance sheet and for now high quality growth," they add.

Ahead of what RBC sees as a "more mixed end of the year," the broker has cut its target price from 4,200 pence to 4,000 pence and now prefers the group's rivals Anglo American and Glencore.

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