Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Rio Tinto lowers target price on Rio Tinto following Q2 production results
(Sharecast News) - Analysts at Berenberg lowered their target price on mining giant Rio Tinto from 5,800.0p to 5,700.0p on Wednesday following Q2 production results from the company. Berenberg noted that Rio Tinto's Q2 production results resulted in the shares closing down roughly 2.3% on the day, driven by a guidance cut in alumina to 7.0m-7.3m tonnes due to gas supply issues, with mined copper production steered to the lower end of guidance at 660,000-720,000 tonnes and bauxite to the upper end at 53.0m-56.0m tonnes.
Iron ore production came in at 79.5m tonnes, a touch light versus Berenberg's 81.1m tonne estimate, with shipments of 80.3m tonnes a touch ahead of the German bank's 79.1m tonne estimate, as production and shipping at its Pilbara operations in Australia were affected by a train collision in mid-May
"We update our model for the Q2 production results and guidance changes, and make small adjustments to our estimates. This includes a slower-than-expected ramp-up of recycled aluminium production from Matalco, lower alumina volumes in H2 at its Gladstone operations (Australia), as well as higher H1 operating costs at its Pilbara operations. Our price target nudges lower to 5,700.0p per share and we remain hold-rated; the stock is trading on 0.92x NAV and 4.6x FY24 EBITDA," said Berenberg,
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
