RIO has bounced ~34% from its November low but it’s still only trading on a P/E for 2023 of 8.8x while it’s expected to yield almost 5.6% over the next 12 months – RIO can be considered as a lower Beta play than FMG when playing the iron ore market.
- We can see RIO testing $125 into Christmas but again we wouldn’t be chasing the strength.
MM is mildly bullish towards RIO short-term
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