HSBC Cuts Rio Tinto Stock Target, Maintains Hold Rating
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HSBC Holdings has revised its price target on shares of Rio Tinto, reducing it to £5,150 from £5,400, while maintaining a Hold rating on the stock. The adjustment is based on a new valuation that considers discounted cash flow (DCF) and forward EV/EBITDA multiples. HSBC's decision to modify the price target is influenced by anticipated growth in Rio Tinto's operations at Oyu Tolgoi in Mongolia and Simfer in Simandou, Guinea. However, HSBC notes that these projects are associated with above-average risks, prompting a more conservative outlook on Rio Tinto's future performance.
In addition to the adjustment in Rio Tinto's stock target, HSBC also reported a fourth-quarter loss of $153 million, primarily due to a $3.0 billion impairment related to its investment in the Bank of Communications...
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