Morgan Stanley initiates Rio Tinto (RIO) ADR with underweight, sees 14% downside
MS Morgan Stanley
$214.20 +3.25%
View chart & analysis → - 1Morgan Stanley initiated coverage of Rio Tinto (RIO) ADR with an underweight rating and set a price target of $90.
- 2The price target implies more than 14% downside from the previous close and was calculated based on the current exchange rate.
- 3The move follows a July 8 reduction in the London-listed shares and was attributed to valuation concerns and a headwind from raw materials.
This 3-line summary is compiled from the report below.
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