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Mining p5
Rio Tinto (RIO)
Where next for RIO shares?
- Most upside potential of all the UK 100 miners according to broker consensus with simple job cuts seen to immediately reduce capital outflows.
- While iron ore has shown recent relative strength, overinvestment has seen income fall, so it makes sense to reduce investment in that product to re-balance things.
- 75% of brokers have targets above the current price (see table on right).
- A move towards the average target price would require a break above the 100-day moving average.
Will Rio Tinto (RIO) fall back towards the lows of 1558p or break above the 100-day MA 2025p?
Broker Consensus: 62% Buy, 23% Hold, 17% Sell
Average 12-month broker target price: 2182p
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Prepared by Michael van Dulken, Head of Research
