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’.

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