Barclays downgraded Rio Tinto (RIO) to Equal Weight from Overweight with a price target of 6,600 GBp, down from 6,885 GBp. The firm cites headwinds from iron ore seasonality and the stock’s “tightest valuation spread” relative to BHP since 2020 for the downgrade. In addition, Rio’s asset sale catalysts are unlikely to surprise positively, the analyst tells investors in a research note.
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