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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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"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.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.