Goldman Sachs downgraded Rio Tinto (RIO) to Neutral from Buy with a 7,400 GBp price target The firm cites valuation for the downgrade. Rio’s “near record” earnings and spot free cash flow yields are now largely reflected in the share price after the 60% rally over the past six months, the analyst tells investors in a research note. Goldman says Rio is trading in line with its long-term averages while close to peak EBITDA.
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