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Fly News Breaks for October 9, 2018
RIO
Oct 9, 2018 | 10:07 EDT
As previously reported, Goldman Sachs analyst Paul Young upgraded Rio Tinto to Buy from Neutral as he believes the company's capital discipline gives it sustainable high free cash flow. The company, which has reduced net debt faster than peers by cutting capital expenditures and costs earlier and selling non-core assets, should be awarded a superior multiple than most of its global peers due to its margin expansion and higher EPS growth, said Young, who raised his price target on Rio shares to A$90 from A$84.
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