Morgan Stanley initiates Rio Tinto (RIO) ADR with underweight, sees 14% downside

1. 1Morgan Stanley initiated coverage of Rio Tinto (RIO) ADR with an underweight rating and set a price target of $90.
2. 2The price target implies more than 14% downside from the previous close and was calculated based on the current exchange rate.
3. 3The move follows a July 8 reduction in the London-listed shares and was attributed to valuation concerns and a headwind from raw materials.

Source Investing.com +2 · View original ↗

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