RIO Tinto has endured a relatively tough year falling over -3% when many peers in the resources space have rallied. MM isn’t looking to buy RIO at current levels but we certainly are removing our negative bias following the stocks brief dip under $90 i.e. there’s already plenty of bad news built into the stock.
- We have preferred BHP to RIO through 2022 and this hasn’t changed but as an individual play RIO looks interesting at least for a decent bounce.
MM is neutral to bullish RIO around $96
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