Rio Tinto price target lowered to $77 from $83 at Bernstein

Bernstein lowered the firm’s price target on Rio Tinto (RIO) to $77 from $83 and keeps an Outperform rating on the shares. Commodity selection is arguably the most important factor driving returns in metals and mining land, the firm says. Bernstein believes that valuation is a close second. The firm is refreshing its Mining Valuation Book and updating its valuation tools to assess ten stocks within its coverage universe, along with their peers.