RTNTF - Rio Tinto: Underwhelming Trends And Forecasts (Rating Downgrade)
2024-07-20 10:59:16 ET
Summary
- Rio Tinto's share price remains firmly underwhelming as iron ore prices have weakened and its prospects aren't encouraging either.
- While some support is possible from aluminium and copper, the company's upcoming H1 2024 results can show weakness. The trend can also continue for the full year 2024.
- While Rio Tinto's forward dividend yield is notable, the market multiples don't indicate price upside, making it one only for long-term dividend investors and not for capital appreciation right now.
Since I last wrote about the Australian iron ore miner Rio Tinto ( RIO ) in March, its share price is up by 4%. This isn’t a big increase by any stretch, of course. It’s even lesser than the 10% increase seen in the S&P Metals & Mining Select Industry Index during this time....
Rio Tinto: Underwhelming Trends And Forecasts (Rating Downgrade)