RIO advanced +2.6% on Monday although its still slightly down year-to-date. However, we can see a good move brewing for the diversified but predominantly iron ore miner as the bulk commodity pushes towards $US110 and investors search for value in a rich market, i.e. we can see some rebalancing back towards the profitable and yield-paying stocks that have lagged this year.
- We are looking for RIO to initially make new 2025 highs, and eventually test $130 into 2026, around 12-14% higher.
MM is bullish towards RIO
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