Berenberg cuts Rio Tinto target price after Q2 operational review

by | Jul 20, 2023

(Sharecast News) – Analysts at Berenberg trimmed their price target for shares of Rio Tinto on the back of the mining group’s operational review for the second quarter.
On the production side of things, they noted the slightly lower-than-expected iron ore shipments from Pilbara and mined copper from Kennecott versus their estimates.

Bauxite output from Weipa missed its estimates, as did production of alumina, of aluminum and that from Iron ore Company of Canada.

Regarding the miner’s guidance, the analysts highlighted the company’s $710m of spend on Exploration and Evaluation, against their estimates for $300m.

Their target price as cut from 6,400.0p to 6,000p, but their recommendation for the shares was kept at ‘buy’.

Related articles

RBC Capital cuts Rentokil price target

RBC Capital cuts Rentokil price target

(Sharecast News) - RBC Capital Markets cut its price target on Rentokil Initial on Wednesday to 575p from 610p as it downgraded forecasts for forex and a greater back-end loading of TMX synergies, but said it believes the long-term story remains intact. The bank said...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!