Morgan Stanley downgraded Rio Tinto (RIO) to Equal Weight from Overweight with a price target of 6,230 GBp, up from 6,090 GBp. The company’s potential merger with Glencore could unlock meaningful synergies, but “complexity and structure are key factors,” the analyst tells investors in a research note. The firm says the recent re-rating in Rio shares leaves the risk/reward more balanced.
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