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Fly News Breaks for November 7, 2019
RIO
Nov 7, 2019 | 06:42 EDT
Morgan Stanley analyst Rahul Anand initiated coverage of Rio Tinto with an Equal Weight rating and A$95 price target. Iron ore forecasts imply declining earnings for Rio over the next three years, but this is balanced by the stock trading at a spot 2020 free cash flow yield 7%, Anand tells investors in a research note. The analyst likes the company's capital allocation strategy but sees limited near-term growth and self-help opportunities.
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