Rio Tinto: UBS downgrades stock
(CercleFinance.com) - UBS downgraded its rating on mining company Rio Tinto from "buy" to "neutral" on Wednesday, while maintaining its target price for the share at 4,500 pence.
"We like the cash returns but think the risk/reward is now balanced," UBS wrote in a note to clients.
In the note, the broker also mentions "likely iron ore disruption in Brazil."
For the record, its competitor Vale recently suffered its second dam disaster in Brazil in under four years, which has prompted local authorities to launch a corruption probe.
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